The chief economist of the European Central Bank (ECB) Philip Lane fears that European dependence on American payment companies and stabelcoins tied to the US dollar can weaken the dominance of the euro as the main reserve currency of the continent.

The distribution of dollar stablecoins in the eurozone puses a serious threat to the financial independence of the region, the economist said. With the help of stablecoins, European companies and consumers can access financial instruments based on the US dollar without resorting to the services of traditional banks. If Europeans will use mainly dollar stablecoins, then the European payment market will be tied to the US dollar, and this will undermine the status of the euro as a means of exchange. Digital dollarization will weaken the ability of the ECB to effectively pursue a credit-money policy, and the Central Bank will be worse to control inflation.

According to the chief economist of the ECB, Europe is too much dependent on the American payment companies Visa, MasterCard, PayPal, Apple and Google. This dependence makes Europe vulnerable to changes in politics and economic decisions that can be adopted outside the European Union.

Therefore, Lane called for accelerating the development and implementation of digital euros. The digital currency of the Central Bank (CBDC) not only modernizes the monetary system, but also ensures the financial independence of Europe in conditions of political tension. Digital euros will help to combine the disparate retail payment market in Europe, as well as strengthen cooperation between banks and payment services suppliers, the economist is sure.

Recently, ECB President Christine Lagarde voiced a similar position, urging European legislators to speed up the launch of the retail and wholesale version of digital euros. With the support of legislators, digital euros may be ready to launch in October 2025.