Economists Urge EU to Adopt Digital Euro to Safeguard Monetary Sovereignty
Prominent European economists, including Thomas Piketty and Arnoud Boot, have issued an open letter warning of the risks posed by foreign dominance in payment systems. The letter highlights that thirteen euro-area countries rely entirely on non-European card networks for retail transactions.
Recent geopolitical developments demonstrate how payment access can be weaponized. The economists argue that without a digital euro, Europe risks ceding control over its monetary infrastructure as U.S.-backed private digital currencies expand across the continent.
A public digital euro issued by the European Central Bank WOULD create a direct link between citizens and the ECB, preserving access to sovereign money in digital form. This infrastructure is framed as essential for maintaining economic autonomy in an increasingly digital financial landscape.
