[European Central Bank: Digital Euro to Enhance European Banks' Competitiveness, Official Launch in 2029] BlockBeats News, October 6, the European Central Bank (ECB) Executive Board member Fabio Panetta stated that the digital euro will help European banks improve their competitiveness. On Tuesday, Panetta emphasized that the digital euro project is not merely aimed at addressing the current shortcomings of Europe's payment systems. He said: 'It is also an opportunity to think ahead and provide an innovative platform. New opportunities are constantly emerging, and we want to ensure that European payment service providers are fully equipped to seize these opportunities and establish a strong competitive advantage.' The European Central Bank plans to officially launch the digital euro in 2029 and will initiate the pilot phase next year. The project aims to safeguard Europe's monetary sovereignty. Currently, Europe relies heavily on U.S. payment companies like Visa and Mastercard, while the development of stablecoins pegged to the U.S. dollar further exacerbates concerns among European policymakers.