{"id":21899,"date":"2025-03-10T16:53:24","date_gmt":"2025-03-10T14:53:24","guid":{"rendered":"https:\/\/forklog.com\/en\/eu-lawmakers-question-digital-euro-amid-ecb-system-outage\/"},"modified":"2025-03-10T16:53:24","modified_gmt":"2025-03-10T14:53:24","slug":"eu-lawmakers-question-digital-euro-amid-ecb-system-outage","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/eu-lawmakers-question-digital-euro-amid-ecb-system-outage\/","title":{"rendered":"EU Lawmakers Question Digital Euro Amid ECB System Outage"},"content":{"rendered":"<p>A disruption in the payment system of the <span data-descr=\"European Central Bank\" class=\"old_tooltip\">ECB<\/span> has raised fresh doubts among lawmakers about the regulator&#8217;s ability to implement a national digital currency (CBDC) project, according to <a href=\"https:\/\/www.reuters.com\/markets\/europe\/eu-lawmakers-voice-doubts-about-digital-euro-after-ecb-outage-2025-03-10\/\">Reuters<\/a>.<\/p>\n<p>Issues with the Target 2 (T2) system late last month resulted in transaction delays of a day. The cause was an error in the initial diagnosis of the failure by ECB technical specialists.<\/p>\n<p>Regulatory representatives stated that the digital euro will be architecturally closer to the TIPS instant payment system, which &#8220;processes millions of small transfers around the clock and has proven to be reliable.&#8221; According to central bank representatives, the TIPS outage on the day of the incident was insignificant.<\/p>\n<p>Four out of eight European Parliament groups expressed concern over the incident. In their view, it calls into question the ECB&#8217;s reliability in developing the digital euro, which is intended to function as a new payment system across the eurozone.<\/p>\n<p>The CBDC launch is planned for October 2025, provided the necessary legislation is adopted, <a href=\"https:\/\/www.ecb.europa.eu\/press\/press_conference\/monetary-policy-statement\/2025\/html\/ecb.is250306~4307bd0941.en.html\">said<\/a> ECB President Christine Lagarde. She noted that all technical and legal work is being conducted with this deadline in mind.<\/p>\n<p>According to Lagarde, the project&#8217;s implementation requires the agreement of all key stakeholders: the European Parliament, the EU Council, and the European Commission. She emphasized that the launch of the digital euro is &#8220;necessary at both the wholesale and retail levels.&#8221;<\/p>\n<p>Back in February, OMFIF <a href=\"https:\/\/forklog.com\/en\/news\/central-banks-show-waning-interest-in-cbdcs-researchers-find\">reported<\/a> a decline in central banks&#8217; interest in CBDCs. According to researchers, the share of central banks indicating less interest in issuing a digital national currency rose from zero in 2022 to 15%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A disruption in the payment system of the ECB has raised fresh doubts among lawmakers about the regulator&#8217;s ability to implement a national digital currency (CBDC) project, according to Reuters. Issues with the Target 2 (T2) system late last month resulted in transaction delays of a day. The cause was an error in the initial [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,1410,733],"class_list":["post-21899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-ecb","tag-europe"],"aioseo_notices":[],"amp_enabled":true,"views":"65","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/21899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=21899"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/21899\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/21898"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=21899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=21899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=21899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}