The European Central Bank (ECB) pushes ahead with its digital euro project, aiming for financial resilience but facing pushback from lawmakers who raise concerns about privacy and banking stability. While the ECB emphasizes the digital euro’s importance in a crisis-prone world as a failsafe payment system complementing cash, not replacing it, some parliamentarians worry about bank funding shifts if Europeans move deposits to the ECB-backed wallets. They also doubt if true privacy will be ensured despite the central bank stating it won’t have access to who sends and receives money, suggesting an offline version could offer anonymity similar to cash. Opponents argue that the ECB’s authority to set limits on holding will allow those caps to rise in a panic, accelerating money flight away from private banks. Legislation for the digital euro has been stalled since 2023 due to elections and political obstacles. Approval from the European Parliament, Commission, and Council is required before any launch. Progress toward deployment is expected by 2029. Supporters see it as Europe’s response to U.S. dollar stablecoins and a step towards financial independence. However, critics warn about centralized power in Frankfurt undermining privacy and banking stability. The digital euro remains a contentious issue with potential years of debate before its eventual launch.