A coalition of six EU states is pushing for the digital euro to accelerate the bloc’s financial independence plan. The finance ministers of France, Germany, Italy, the Netherlands, Poland, and Spain have sent an official letter to Eurogroup President Kyriakos Pierrakakis, urging an emergency fast-track of capital market reforms. The primary objective for the EU’s largest economies is to establish a sovereign pan-European payment system, launch a digital euro, and dismantle the monopoly of American corporations Visa and Mastercard to protect European economic sovereignty.
SIU: A Plan to Eliminate National Barriers
At the heart of the ministerial initiative is the immediate implementation of the Savings and Investments Union (SIU, also known as the “Capital Markets Union” or CMU). Currently, European businesses are hampered by fragmented national markets, which complicates raising capital through stocks and bonds. Policymakers are insisting on the urgent adoption of the Market Integration and Supervision Package (MISP). According to the coalition, this legislative reform can achieve three strategic goals:
- Removing cross-border barriers. Investors should have unhindered access to capital markets in any country within the bloc.
- Reducing operational costs. This involves revising outdated 2019 securitization rules that were intended as post-crisis protections but have since become an economic drag.
- Expanding capital pools. Companies will gain more opportunities to finance priority programs within Europe.
The Digital Euro Battle: Moving Away from US Infrastructure
The most radical part of the plan concerns everyday transactions. According to 2025 data from the European Central Bank (ECB), Visa and Mastercard control 61% of all card payments in Europe and nearly 100% of cross-border transfers. Leading EU nations view this total dependence on US infrastructure as a direct threat to their strategic autonomy.
As a weapon against this American monopoly, the coalition proposes an emergency launch of the digital euro — an ECB electronic currency mentioned last February by ECB President Christine Lagarde.
NEWSROOM IN notes that the ECB began research into developing a digital euro for retail payments in 2020. The EU started the formal development of the digital euro in 2023.
The ECB is expected to finalize the currency’s design by the end of 2025, which includes establishing a rulebook, defining the legal boundaries for the new currency, and selecting platform and infrastructure providers. A decision from EU legislators on the project’s legal framework is expected in 2026, with a full-scale launch of the digital euro for public use scheduled for 2029.
