The chief economist at the European Central Bank (ECB), Philip Lane, said Europe needs a digital euro to counter the foothold that dollar-linked stablecoins and U.S. electronic payments systems are gaining in region’s the financial system.
The prevalence of electronic payments provided by Big Tech firms, such as Apple Pay, Google Pay and PayPal, “exposes Europe to risks of economic pressure and coercion,” Lane said, according to the text of a speech at University College, Cork in Ireland on Thursday.
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“The digital euro would provide a secure, universally accepted digital payment option under European governance, reducing reliance on foreign providers,” Lane said. “The availability of the digital euro would also limit the likelihood of foreign-currency stablecoins gaining a foothold as
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