The Digital Euro: Technical Readiness & Political Indecision

In this paper, we discuss:

• ECB is technically ready to issue a digital euro, but political approval is still missing;
• EU institutions are split: the Council supports conditional adoption, while the Parliament remains divided;
• Strategic driver is sovereignty: reducing reliance on US payment systems and dollar stablecoins, not technology per se;
• Launch has slipped to around 2029, with delays increasing the risk of de facto digital dollarisation in Europe.

Download PDF: Digital Euro – February 2026