News Summary

• European Union finance ministers have today agreed on a roadmap for launching a digital euro currency.
• The digital euro aims to become an alternative to the now dominant US-based Visa and Mastercard systems.
• The EU is now keen to reduce its dependence on other countries in key areas like energy, finance and defence.
• The ECB, the main sponsor of the project, has failed so far to secure legislative approval for it, with politicians and bankers complaining it may hollow out banks' coffers, cost too much or curtail privacy.