As Europe moves toward a digital future, the upcoming introduction of the digital euro marks a major step in modernising how citizens pay and transact. Yet, with 85% of Maltese respondents admitting they’ve never heard of it, the European Central Bank must intensify its communication efforts to inform EU citizens about its advantages.

Have you ever heard of the digital euro? Amid the growing digitalisation of payments, it is essential to prepare the euro currency for the future. The digital euro will be a central bank digital currency issued by the European Central Bank (ECB), available to the general public for payment purposes and exchangeable at face value for euro cash.

However, it will not replace cash. Instead, it will complement it—ensuring resilience in payment systems, especially in cases such as widespread power outages, like those experienced in Spain and Portugal.

The digital euro project brings several potential benefits: a cheaper electronic payment alternative, wide acceptance and accessibility within the Euro Area, high privacy levels (especially through its offline function), and greater financial inclusion by providing access to unbanked individuals and people with special needs.

Last November, the Central Bank of Malta conducted a survey on awareness of the digital euro in Malta. A striking 85% of respondents said they had never heard of it. To ensure a smooth and successful rollout when launched, the ECB must intensify its communication efforts to inform EU citizens about its advantages.

Another key point frequently raised by the ECB is that the digital euro will enhance the EU’s strategic autonomy in the payments market. Currently, the EU is heavily dependent on non-European payment providers—a situation that poses economic vulnerabilities, especially in the current geopolitical climate.

This reminds us of the foresight shown by successive Labour administrations in Malta, which have long worked to reduce the country’s economic vulnerabilities by proactively diversifying and avoiding overreliance on a limited number of trading partners. A similar strategy has been applied to the energy sector through an energy mix that diversifies sources rather than depending on a single supplier.

Going forward, the EU must take similar steps to strengthen both its economic independence and its global political role.