The European CBDC advances as a sovereignty project against the domain of the dollar and the stablcoins.
They alert the capacity of the digital euro to track and potentially control each transaction.
In the marble room of the European Parliament, Christine Lagarde, president of the European Central Bank (ECB), said that the digital euro will strengthen the global role of its currency and that “in this changing panorama, there is a unique opportunity to create conditions that position it in the world scene.”
With these words, the maximum figure of the ECB makes clear its intentions to challenge the predominance of the US dollar, in a geopolitical scenario of uncertainty where the solidity of the dominant currencies has been put in check.
Since the end of World War II, the US dollar has prevailed as the pillar of global finances. However, the recent tariffs and attacks of former president Donald Trump to the independence of the Federal Reserve have lit alarms among investors.
This turbulence has aimed at the dollar to Your worst year In more than 40 years, registering a 10% drop so far from 2025. In front of the euro, this devaluation is approaching 12% since the beginning of the year, motivating investors to reduce their exposure to assets called in the currency United States.
Despite this recent weakness, the dollar still commands 60% of world foreign exchange reserves, far exceeding 20% of the euro and the modest 2% of the Chinese renminbi.
However, the ECB actively seeks to reform this dynamic. «The euro can be more than the currency of a continent and a unity symbol; It can become a global anchor of trust, ”Lagarde told the Economy Commission of the European Parliament.
To materialize this vision, Lagarde emphasizes that Europe must “do their homework,” promoting the integration of capital markets, safeguarding the independence of the Central Bank, intensifying commercial ties and, crucially, developing a “Digital euro” that operates independently of the US payment infrastructure.
“Now it is no time just to discuss those reforms, but to implement them,” he added firmly. The digital euro, conceived as “digital effective”, seeks to be “simple to use, easy to use, cheap” and a “European payment solution” compatible with stablcoins issued by European banks, without exacerbating financial instability, but promoting greater inclusion.
“Any person, use a bank, would benefit from being able to use a digital euro,” said Lagarde.
However, what is not addressed in official speeches are possible technical restrictions.
Control and privacy overshadow the digital euro
When she was consulted specifically on the risks of censorship, Lagarde acknowledged that “it is a matter of technological construction.”
Although he promised to balance the fight against money laundering, he avoided guaranteeing the technical impossibility of blocking transactions.
While the member of the Executive Committee, Piero Cipollone, insists that they will implement “the most advanced data protection techniques”, lawyer Cristina Carrascosa, a cryptocurrency specialist, is skeptical and points out that “the digital euro does not respond to any citizen need, but to a monetary strategy,” as Cryptonotics reported. “
“Every day they take away more freedoms,” Abraham Amo warned of the Spanish Association of Citizens, whose movement seeks to stop the digital currency of the Central Bank (CBDC). This position is reinforced by a revealing statement by Agustín Carstens, general director of the Bank of International Payments (BIS), who admitted that digital currencies grant “total control” to the authorities.
On the other hand, in the European Parliament, the MEP Fernando Navarrete ended on September 30, 2025 a two -month “active listening” program, recognizing that This decision to advance with the development of the digital euro “cannot be taken blind.”
His seminars with Cipollone and Commissioner Valdis Dombrovskis seek to legitimize a decision that, he admits, will affect the equilibrium of the financial ecosystem. “
“The euro can be more than the currency of a continent,” Lagarde proclaimed, inviting to transform a “dream in reality.” But while the ECB promises collective sovereignty, citizens ask themselves if they will not be exchanging their individual sovereignty for a mirage of modernity.
The question that is floating in the air is simple but crucial: who really exercises control when each transaction can be tracked, programmed and, potentially blocked?