By Leonardas Marcinkevičius, a senior economist at the Lithuanian Free market Institute
Despite the European Central Bank (ECB) announcing the move of the digital euro project into its next phase during its October Governing Council meeting – with plans for a 2027 pilot and a possible issuance by 2029 – most Lithuanians have never even heard of it. A new public opinion survey shows that only 9% of the population know enough about the digital euro, while more than half (51%) have not heard of the project at all.
If the legislation is adopted in 2026, a pilot exercise could start in 2027, with the first potential issuance expected in 2029. The ECB stated that the preparation phase, launched in 2023, has been successfully concluded and that the Eurosystem is now technically ready to move forward.
However, a new public opinion poll commissioned by the Lithuanian Free Market Institute (LFMI) and conducted by the public opinion and market research company Baltijos tyrimai between 24 September and 9 October 2025 shows that most Lithuanians remain unaware of this European project. The survey reveals that only 9% of respondents have heard and claim to know enough about the digital euro, while 51% have not heard about it at all.
The digital euro would be a new form of money issued directly by the ECB. In simple terms, it would be an electronic version of cash – citizens could hold it in a digital euro account managed through banks or other intermediaries, but the central bank would be responsible for its accounting and value. Unlike cryptocurrencies, which operate on decentralized networks without a central authority, the digital euro would be fully controlled by the ECB.
The Target Group – Least Interested
The ECB and national central banks claim that the digital euro could promote financial inclusion by offering access to digital payments for those currently excluded from electronic payment systems. Yet the survey suggests the opposite.
Among people who do not use electronic payment methods today, only 3% said they would use the digital euro, while four out of five said they would not. Across the population as a whole, 52% of respondents said they would not use the digital euro, 32% said they would (only 6% “definitely would”), and 16% had no opinion.
“This means that the instrument designed to reach those outside the financial system is least attractive to them,” said Leonardas Marcinkevičius, Senior Expert at the Lithuanian Free Market Institute. “At the same time, it risks duplicating existing services among those who already use digital payment solutions.”
Although the ECB promises that the digital euro would enhance inclusion, the data shows that the least digitally active citizens remain disengaged. Those most interested in the project are younger than 50, urban residents, and people with higher education — groups already deeply integrated into digital payments. In practice, the digital euro would not create new habits or value; it would merely replicate what the market already offers.
While the ECB insists that the digital euro would complement, not replace, cash, public understanding remains limited. 39% of respondents believe it would replace cash, 17% see it as a banking app, and 13% think it is a cryptocurrency similar to Bitcoin. Only 23% correctly identified the definition used by the Bank of Lithuania – that it would be an ECB-issued payment instrument designed to complement cash.
— Pieter Cleppe (@pietercleppe) October 30, 2025
Political Momentum, Public Apathy
The project, which began in 2021 with an analysis phase, has now entered a preparatory stage aimed at ensuring technical readiness and legislative approval. According to the ECB’s new announcement, the European institutions want the system to be operational by 2029 – an ambitious timeline given that the European Commission’s proposed legal framework is still under discussion in the European Parliament and the Council.
This acceleration follows a clear political signal. At the October 2025 Euro Summit, European leaders called on the ECB to “be ready for potential issuance as soon as possible.” The digital euro is thus progressing as a political and institutional priority, even though public awareness and engagement remain minimal.
“Debates at the European level are taking place primarily among institutions directly invested in the project’s success,” Marcinkevičius noted. “National parliaments and the public are being included only formally, without genuine deliberation. Yet the digital euro is not merely a technical innovation — it represents a profound political decision that would reshape the architecture of the monetary system. Public discussion is essential before irreversible choices are made.”
“We are witnessing one of the most significant transformations of Europe’s monetary framework in decades — and the public, as the LFMI survey shows, remains largely unaware that it is even happening,” he added.
The Core Dilemma
The digital euro project faces a structural dilemma. If it were to become widely used, it could pose serious risks to financial stability by competing with commercial banks for deposits. But if it were to remain limited — for example, with account caps of around €3,000 per person, as suggested in ECB discussions — it would likely fail to attract users and would not justify its cost.
According to the ECB’s latest data, the development of the digital euro is expected to cost around €1.3 billion until its first issuance, with annual operating costs of €320 million thereafter. These are significant public expenditures for an instrument whose necessity remains unproven.
“Building trust in such a project requires openness, transparency, and genuine public dialogue,” Marcinkevičius emphasized. “So far, communication has largely been one-sided — focused on technical milestones and political endorsement rather than public understanding or consent.”
“The results of the Lithuanian survey confirm that the digital euro, at least for now, looks like a solution in search of a problem,” the LFMI expert concluded. “Instead of creating another centralized mechanism, the ECB should focus on fostering competition, choice, and diversity in the payments ecosystem. If the goal is to strengthen trust in money, what citizens need are clear answers — not promises — about why this project exists, how much it will cost, and what tangible benefit it will deliver.”
About the survey
The survey was conducted by Baltijos tyrimai on behalf of the Lithuanian Free Market Institute between 24 September and 9 October 2025. A total of 1,004 Lithuanian residents aged 18 and older were interviewed across 108 sampling points nationwide. The margin of error does not exceed ±3.1 percentage points at a 95% confidence level.
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