FLORENCE, Italy, Nov 8 (Reuters) – Italian banks are backing the European Central Bank’s initiative to create a digital euro, yet they request that the substantial investments needed for implementation be scheduled over time to manage the high costs. According to Marco Elio Rottigni, General Manager of the Italian Banking Association (ABI), the ECB’s digital euro project is essential for reinforcing the monetary sovereignty of the eurozone, despite facing legislative hurdles, particularly from some French and German banks concerned about the potential impact on traditional bank deposits. ‘We support the digital euro as it represents the concept of digital sovereignty,’ Rottigni remarked during a press seminar in Florence on Friday. ‘However, the costs are considerable given the capital investments required, and it would be beneficial to distribute these expenses over a longer timeframe.’ The ECB’s strategy seeks to maintain the relevance of central bank money in a digitally evolving economy, reduce dependence on non-European payment service providers, and respond to the emergence of stablecoins. Following a two-year preparation phase, the ECB’s Governing Council has decided to move the digital euro project into its next stage during its meeting in Florence on October 29-30, with a potential launch in 2029 and a pilot phase set for 2027, subject to EU legislative approval anticipated in 2026. European parliament member Fernando Navarrete, representing Spain’s Partido Popular, is leading the examination of the digital euro in parliament and recently proposed a modified scheme to protect private payment solutions such as Wero, supported by 14 European banks. Rottigni emphasized, ‘We advocate for a dual approach, combining a central bank digital currency with commercial bank digital currencies that may evolve more rapidly, as it is crucial for Europe to remain competitive.’ Reporting by Valentina Za; Editing by Susan Fenton. Our Standards: The Thomson Reuters Trust Principles.<\/p>\n","protected":false},"excerpt":{"rendered":"
FLORENCE, Italy, Nov 8 (Reuters) – Italian banks are backing the European Central Bank’s initiative to create a digital euro, yet they request that the substantial investments needed for implementation be scheduled over time to manage the high costs. According to Marco Elio Rottigni, General Manager of the Italian Banking Association (ABI), the ECB’s digital […]<\/p>\n","protected":false},"author":2,"featured_media":5091,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[78],"tags":[],"class_list":["post-5092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-1"],"translation":{"provider":"WPGlobus","version":"3.0.0","language":"vi","enabled_languages":["en","de","ja","vi","ms"],"languages":{"en":{"title":true,"content":true,"excerpt":false},"de":{"title":false,"content":false,"excerpt":false},"ja":{"title":false,"content":false,"excerpt":false},"vi":{"title":false,"content":false,"excerpt":false},"ms":{"title":false,"content":false,"excerpt":false}}},"rttpg_featured_image_url":{"full":["https:\/\/globalcryptoguru.com\/wp-content\/uploads\/2025\/11\/news_image_6.png",1024,1024,false],"landscape":["https:\/\/globalcryptoguru.com\/wp-content\/uploads\/2025\/11\/news_image_6.png",1024,1024,false],"portraits":["https:\/\/globalcryptoguru.com\/wp-content\/uploads\/2025\/11\/news_image_6.png",1024,1024,false],"thumbnail":["https:\/\/globalcryptoguru.com\/wp-content\/uploads\/2025\/11\/news_image_6-150x150.png",150,150,true],"medium":["https:\/\/globalcryptoguru.com\/wp-content\/uploads\/2025\/11\/news_image_6-300x300.png",300,300,true],"large":["https:\/\/globalcryptoguru.com\/wp-content\/uploads\/2025\/11\/news_image_6.png",1024,1024,false],"1536x1536":["https:\/\/globalcryptoguru.com\/wp-content\/uploads\/2025\/11\/news_image_6.png",1024,1024,false],"2048x2048":["https:\/\/globalcryptoguru.com\/wp-content\/uploads\/2025\/11\/news_image_6.png",1024,1024,false],"blog-thumb":["https:\/\/globalcryptoguru.com\/wp-content\/uploads\/2025\/11\/news_image_6-530x250.png",530,250,true],"blog-full":["https:\/\/globalcryptoguru.com\/wp-content\/uploads\/2025\/11\/news_image_6-1024x450.png",1024,450,true]},"rttpg_author":{"display_name":"MUHAMMAD ISMAIL","author_link":"https:\/\/globalcryptoguru.com\/vi\/author\/ai-news-automation\/"},"rttpg_comment":0,"rttpg_category":"News 1<\/a>","rttpg_excerpt":"FLORENCE, Italy, Nov 8 (Reuters) – Italian banks are backing the European Central Bank’s initiative to create a digital euro, yet they request that the substantial investments needed for implementation be scheduled over time to manage the high costs. According to Marco Elio Rottigni, General Manager of the Italian Banking Association (ABI), the ECB’s digital…","_links":{"self":[{"href":"https:\/\/globalcryptoguru.com\/vi\/wp-json\/wp\/v2\/posts\/5092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalcryptoguru.com\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalcryptoguru.com\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalcryptoguru.com\/vi\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/globalcryptoguru.com\/vi\/wp-json\/wp\/v2\/comments?post=5092"}],"version-history":[{"count":1,"href":"https:\/\/globalcryptoguru.com\/vi\/wp-json\/wp\/v2\/posts\/5092\/revisions"}],"predecessor-version":[{"id":5093,"href":"https:\/\/globalcryptoguru.com\/vi\/wp-json\/wp\/v2\/posts\/5092\/revisions\/5093"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/globalcryptoguru.com\/vi\/wp-json\/wp\/v2\/media\/5091"}],"wp:attachment":[{"href":"https:\/\/globalcryptoguru.com\/vi\/wp-json\/wp\/v2\/media?parent=5092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalcryptoguru.com\/vi\/wp-json\/wp\/v2\/categories?post=5092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalcryptoguru.com\/vi\/wp-json\/wp\/v2\/tags?post=5092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}