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Seventy economists and policy experts called on members of the European Parliament (MEPs) to back a digital euro that serves the public interest, arguing that it is crucial for Europe’s monetary sovereignty and for guaranteeing access to central bank money in an increasingly cash‑light economy.&nbsp;
The open letter, <a href="https://sustainablefinancelab.nl/wp-content/uploads/sites/506/2026/01/The-Digital-Euro-Let-te-public-interest-prevail.pdf" rel="noopener noreferrer nofollow" target="_blank">published</a> on Sunday and titled, “The Digital Euro: Let the public interest prevail!,” warned that without a strong public option, private <a href="https://cointelegraph.com/learn/articles/stablecoins-101-what-are-crypto-stablecoins-and-how-do-they-work" rel="noopener noreferrer nofollow" target="_self">stablecoins</a> and foreign payment giants may gain even greater influence over Europe’s digital payments.
The signatories, including former European Bank for Reconstruction and Development vice president José Leandro and French economist Thomas Piketty, describe the proposed c<a href="https://cointelegraph.com/learn/articles/what-is-a-cbdc-why-central-banks-want-to-get-into-digital-currencies" rel="noopener noreferrer nofollow" target="_self">entral bank digital currency (CBDC)</a> as a public good.
They argue for a public, euro area‑wide digital means of payment, issued by the Eurosystem and free of charge for basic services, that complements rather than replaces cash.
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 <img alt="Seventy economists urge EU to ‘let the public interest prevail’ on digital euro" src="https://s3.cointelegraph.com/uploads/2026-01/019bb1f3-e860-7a96-8c66-20f9ed7fe3bd.png" title="">
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 Open letter to MEPs. Source: Sustainable Finance Lab
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They caution that if the EU hesitates or waters down the project, European citizens and merchants risk becoming more dependent on private, mostly non‑European card schemes and <a href="https://cointelegraph.com/news/how-euro-stablecoins-could-address-eu-s-dollar-concerns" rel="noopener noreferrer nofollow">big technology payment platforms</a>, which could weaken the resilience and autonomy of Europe’s payment system in times of stress.
Related: <a href="https://cointelegraph.com/news/ecb-onchain-settlements-lawmakers-weigh-digital-euro-privacy" rel="noopener noreferrer nofollow" target="_self">ECB eyes onchain settlements next year as lawmakers weigh digital euro privacy</a>
<h2 id="ecb-s-preparation-phase-and-design-choices">ECB’s preparation phase and design choices</h2>
Their intervention comes as the European Central Bank (ECB) is in the <a href="https://www.ecb.europa.eu/euro/digital_euro/progress/html/ecb.deprp202510.en.html" rel="noopener noreferrer nofollow" target="_blank">preparation phase</a> of the digital euro project, working on a rulebook, technical architecture and offline functionality ahead of any final decision on issuance.&nbsp;
The ECB describes the digital euro’s design as a public, pan‑European payment solution that offers cash‑like access to central bank money, including offline payments, while preserving financial stability through tools such as holding limits and tiered remuneration.
In a Friday <a href="https://www.ecb.europa.eu/press/key/date/2026/html/ecb.sp260109~7a044d36db.en.html" rel="noopener noreferrer nofollow" target="_blank">speech</a>, ECB Executive Board Member Philip Lane reiterated that the project aims to balance innovation, privacy and the continued role of banks as intermediaries in the retail payment system.
​According to the ECB, a digital euro could support use cases such as conditional payments and <a href="https://cointelegraph.com/news/eu-council-endorses-offline-and-online-versions-of-digital-euro" rel="noopener noreferrer nofollow">offline functionality</a>, while respecting <a href="https://cointelegraph.com/learn/articles/anti-money-laundering-aml-in-crypto" rel="noopener noreferrer nofollow" target="_self">anti‑money laundering (AML)</a> and privacy requirements.
Related: <a href="https://cointelegraph.com/news/stablecoin-risks-limited-euro-area-low-adoption-regulation-ecb" rel="noopener noreferrer nofollow" target="_self">Stablecoin risks seen as minimal in Europe amid low adoption and MiCA: ECB</a>
<h2 id="concerns-and-privacy-demands-from-consumers">Concerns and privacy demands from consumers</h2>
At the same time, the project has faced skepticism from commercial banks and some <a href="https://cointelegraph.com/news/norges-bank-shelves-cbdc-plans-tokenization-eurosystem" rel="noopener noreferrer nofollow">policymakers worried about potential disintermediation</a> of deposits, operational costs and uncertain user uptake. Consumer <a href="https://www.euronews.com/my-europe/2025/09/25/european-consumers-want-a-reliable-easy-to-use-and-free-digital-euro-survey" rel="noopener noreferrer nofollow" target="_blank">surveys</a> indicate that strong privacy protections are a key condition for public acceptance of a digital euro.
Analysts at BNP Paribas also <a href="https://economic-research.bnpparibas.com/html/en-US/Digital-euro-cost-hide-another-11/10/2025,52974" rel="noopener noreferrer nofollow" target="_blank">highlighted</a> that the digital euro’s benefits must be weighed against possible funding and profitability pressures for banks, depending on where holding limits and remuneration are set.&nbsp;
In response to Cointelegraph’s questions, the ECB declined to comment directly on the economists’ letter but pointed to several recent studies.
One technical <a href="https://www.ecb.europa.eu/euro/digital_euro/timeline/profuse/shared/pdf/ecb.deprep251010_technical_annex_financial_stability_impact_digital_euro.en.pdf?f55d1581c257d73d86ad560edce18c17" rel="noopener noreferrer nofollow" target="_blank">annex</a> analyses the financial stability impact of a digital euro with individual holding limits set at 3,000 euros, concluding that no financial stability concerns arise even in an adverse scenario.
Another <a href="https://www.ecb.europa.eu/euro/digital_euro/timeline/profuse/shared/pdf/ecb.deprep251030_digital_euro_fit_payment_ecosystem_report.en.pdf" rel="noopener noreferrer nofollow" target="_blank">report</a> assesses how a digital euro would fit into the existing payment ecosystem, while separate papers examine privacy <a href="https://www.ecb.europa.eu/euro/digital_euro/faqs/html/ecb.faq_digital_euro.en.html#q9" rel="noopener noreferrer nofollow" target="_blank">safeguards</a> and the investment <a href="https://www.ecb.europa.eu/euro/digital_euro/timeline/profuse/shared/pdf/ecb.deprep251010_a_view_on_recent_assessments_of_digital_euro_investment_costs_for_the_euro_area_banking_sector.en.pdf" rel="noopener noreferrer nofollow" target="_blank">costs</a> for the euro area banking sector.

Seventy economists urge EU to ‘let the public interest prevail’ on digital euro

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