These days, we are using cash less than we used to and relying more on private tech platforms, such as Apple Pay and Revolut, to manage our finances and make purchases. The EU wants to keep up with consumer behaviour in this ultra-digital age and ensure it does not lose control of its monetary system to private companies or big tech aligned with political powers that dislike the EU.

This is a key motivation behind the push for the digital euro. The European Central Bank has led the project since 2021, but the EU Commission and the European Parliament have also been working on it.

The ECB paints the project in a positive light, claiming that the digital euro will benefit consumers, retailers and payment service providers. However, it remains to be seen whether citizens will actually trust that the virtual currency will deliver on these promises.

We delve into what's at stake with our panel of MEPs.