European lawmakers are voicing fresh doubt about the European Central Bank’s digital euro project after an outage in the ECB’s existing payment system caused delays for thousands of households and traders.
The breakdown in the Target 2 (T2) payment system late last month meant banks could not settle transactions with each other for the better part of a day, partly due to an initial, wrong diagnosis of the issue by central bank technicians.
Representatives from four of the eight groups that make up the European Parliament said the incident raised some questions about the ECB’s ability to deliver on its digital euro project, a new payment system open to all euro zone residents.
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