70 Economists Urge EU to Prioritize Public Digital Euro Over Private Stablecoins

Seventy European economists have issued a stark warning to EU lawmakers, urging them to resist private-sector lobbying and prioritize public interest in the design of a digital euro. The open letter, spearheaded by Utrecht University’s Sustainable Finance Lab, emphasizes that poor design choices could leave Europe dependent on foreign payment systems and dollar-backed stablecoins—a scenario fraught with geopolitical and financial risks.

Europe’s payment infrastructure is already dangerously concentrated in non-European hands, with 13 eurozone countries relying entirely on international card schemes for retail transactions. "This dependence on foreign (U.S.) payment providers exposes European citizens, businesses, and governments to geopolitical leverage and systemic risks beyond Europe’s control," the letter states. The economists argue that U.S.-backed private digital currencies are gaining ground while Europe deliberates.

The signatories—including luminaries like Thomas Piketty and Paul De Grauwe—demand three Core features for the digital euro: sovereignty, resilience, and functionality as the backbone of a unified European payment system. The European Parliament’s upcoming legislation will determine whether the digital euro becomes a viable alternative to private money or a missed opportunity.