The digital euro still divides Europe, despite a principle agreement

The digital euro, this project that the ECB barons carry like a banner, does not escape criticism. The finance ministers found a compromise in Copenhagen and put forward a schedule. Dates are already circulating: 2026 for legislation, 2029 for a possible launch. However, between skeptics and supporters, nothing is yet set in stone. For some, it is a step towards European sovereignty. For others, it is a tool that no one really needs.

Political agreement, but digital euro still pending

Besides the hypothesis that a digital euro could one day be deployed on Ethereum and Solana , the European finance ministers adopted a roadmap giving substance to the project. This compromise means that member states will have a say on issuance and holding limits. Behind the staging of unity, the agreement mainly looks like a precaution to calm markets and contain criticism.

Fernando Navarrete, European Parliament rapporteur on the subject, remains fiercely opposed. He published a detailed report in which he warns of the risks. According to him: 

Amid the ECB’s shifting discourse, the possible risks related to a digital euro—such as the destabilizing effect it could have on financial stability, data privacy concerns that have sparked significant public debate, as well as the allocation of additional responsibilities in areas like fraud prevention and anti-money laundering—must be carefully evaluated. 

Source : The Block

The ECB wants to move forward, but political and technical disagreements weigh heavily on the project.

Financial inclusion or threat to banks?

For its supporters, the digital euro or e-euro would be a social advance. It would allow every citizen, even those unbanked, to hold a digital wallet directly backed by the ECB. The promise is appealing, but the reality remains more complex.

The ECB mentioned a ceiling of €3,000 per individual. Problem: too low, the threshold discourages adoption. Too high, it weakens traditional bank deposits and risks fueling “digital bank runs.” The dilemma is profound: offer a modern tool without weakening the role of banks.

Christine Lagarde defends a strong political vision: 

The digital euro is not just a means of payment; it is also a political statement about Europe’s sovereignty and its ability to manage payments, including cross-border, with a European infrastructure and solution. Between inclusion and concerns, the debate remains open and passionate.

Digital euro and CBDC: a high-risk geopolitical game

The timeline illustrates European caution: legislation by 2026, possible implementation around 2029. A long time, while the United States advance on stablecoins and China is already experimenting with its digital yuan. Ministers want to avoid Europe remaining a spectator in the global race for CBDCs.

But this ambition clashes with an internal divide: some countries push for a fast digital euro to counter the influence of dollar-backed stablecoins; others, like Spain through Navarrete, question its usefulness.

Key figures to remember

• 2026: target date for the adoption of legislation;
• 2029: envisaged horizon for an effective launch of the digital euro;
• €3,000: holding ceiling proposed by the ECB to limit risks;
• 27 pages: length of the critical report published by Navarrete against the digital euro;
• Visa and Mastercard: main players the EU wants to compete with through its project.

This mixture of geopolitical goals and internal criticism illustrates a project that deeply divides Europe, between proclaimed sovereignty and institutional skepticism.

The digital euro remains a priority declared by the ECB. Christine Lagarde and her team emphasize this alternative as a symbol of European independence. However, some analysts see in this initiative a more fragile maneuver than it seems, almost a last card played in a tense economic context. The path to a real digital euro still seems long, fraught with doubts and political fractures.