EU ministers reach 'compromise' on digital euro roadmap

The proposed digital euro currency aims to become an alternative to the dominant US-based Visa and Mastercard systems

Eurogroup president Paschal Donohoe said: 'The compromise that we reached is that before the ECB makes a final decision in relation to issuance... there would be an opportunity for a discussion in the Council of Ministers'.

European Union finance ministers agreed on Friday on a roadmap for launching a digital euro currency that aims to become an alternative to the now-dominant US-based Visa and Mastercard systems.

Discussions on a digital euro, essentially an electronic wallet backed by the European Central Bank (ECB), heated up this year because the European Union is now keen to reduce its dependence on other countries in key areas such as energy, finance, and defence.