Italian banks have expressed support for the European Central Bank (ECB) digital euro initiative but have called for the implementation costs to be spread over several years, as the project imposes a financial burden on the industry.
"We support the digital euro because it embodies the concept of digital sovereignty," said Marco Elio Rottigni, General Manager of the Italian Banking Association (ABI), at a news seminar in Florence, as reported by Reuters on Friday.
"However, the costs of the project are very high in the context of the capital expenditures that banks must bear. They can be spread over time," Rottigni added.
These comments come amid resistance from some French and German banks to central bank digital currency (CBDC) projects, which are concerned that the launch of a retail wallet supported by the ECB could siphon deposits away from commercial banks.
At a meeting held in Florence on October 29-30, the ECB's Governing Council approved moving the project to the next phase after a two-year preparation period. The pilot phase is expected to begin in 2027, with a full rollout tentatively scheduled for 2029, depending on the passage of EU legislation in 2026.
Reportedly, the Member of the European Parliament responsible for leading the review of the proposal, Fernando Navarrete, recently submitted a draft report calling for the introduction of a scaled-down version of the digital euro to protect private payment systems like Wero, a joint initiative of 14 European banks.
Rottigni stated that Europe should adopt a "dual-track approach" that combines the ECB's digital euro with commercially bank-supported digital currencies. "What Europe should not do is fall behind," he added.
Last month, the ECB finalized framework agreements with seven technology providers to support the potential development of the digital euro. These agreements cover fraud and risk management, secure payment data exchange, and software development.
Participating companies include fraud detection specialist Feedzai and security technology company Giesecke+Devrient (G+D).
According to the ECB, the selected companies will also develop features such as "alias lookup," allowing users to send or receive payments without knowing the payment service provider of the recipient, as well as offline payment capabilities.
Related: Japan's Financial Services Agency supports the joint launch of a stablecoin program by the country's top banks.
Original: Reuters: Italian banks back digital euro, urge ECB to stagger costs
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