PANews reported on November 9 that, according to Reuters, a senior official from the Italian Banking Association (ABI) said that Italian banks support the European Central Bank's digital euro project, but hope that the investment required to implement the project can be paid in installments because the costs are high. The European Central Bank (ECB) has been working to develop a digital version of the single currency to strengthen the eurozone's monetary sovereignty, but the legislative process has been slow due to opposition from some French and German banks, particularly certain banks. These banks argue that this could lead to millions of Europeans using the ECB's online wallet for everyday payments, thus depleting their bank savings. At a meeting held in Florence on October 29-30, the European Central Bank's Governing Council decided to move the digital euro project to the next phase after a two-year preparatory period. The plan is expected to officially launch in 2029, with a pilot program scheduled for 2027, provided that relevant EU legislation is expected to be passed in 2026.PANews reported on November 9 that, according to Reuters, a senior official from the Italian Banking Association (ABI) said that Italian banks support the European Central Bank's digital euro project, but hope that the investment required to implement the project can be paid in installments because the costs are high. The European Central Bank (ECB) has been working to develop a digital version of the single currency to strengthen the eurozone's monetary sovereignty, but the legislative process has been slow due to opposition from some French and German banks, particularly certain banks. These banks argue that this could lead to millions of Europeans using the ECB's online wallet for everyday payments, thus depleting their bank savings. At a meeting held in Florence on October 29-30, the European Central Bank's Governing Council decided to move the digital euro project to the next phase after a two-year preparatory period. The plan is expected to officially launch in 2029, with a pilot program scheduled for 2027, provided that relevant EU legislation is expected to be passed in 2026.