The proposed digital euro represents a critical opportunity for Europe to advance digital sovereignty and fair competition. But to gain the trust of European citizens and businesses, the European Central Bank and other stakeholders must consult with the workers who will be responsible for day-to-day implementation.
BRUSSELS – The European Central Bank’s proposed digital euro is not merely another technological upgrade. In the face of US President Donald Trump’s antagonism toward the European Union’s regulation of Big Tech, and the European project as a whole, the digital euro represents a critical opportunity to advance digital sovereignty and fair competition on the continent. But to gain the trust of European citizens and businesses before its possible launch in 2029, the digital euro must be sovereign, public, and inclusive.
Most of today’s electronic transactions between individuals and businesses are carried out by private payment networks such as Visa and Mastercard. As more than 60 leading economists – including Thomas Piketty, Jan Pieter Krahnen, and Daniela Gabor – have rightly warned, this dependency is a strategic vulnerability.
When US multinationals dominate the digital financial infrastructure, US policymakers can use it as a tool for coercion. Nicolas Guillou, a French judge at the International Criminal Court, has been locked out of electronic payment systems since the United States sanctioned him last year. To build digital sovereignty and protect the international order, Europe must control these critical systems, including the underlying data infrastructure. The digital euro cannot rely on US cloud providers such as Amazon Web Services; European alternatives are urgently needed.
The digital euro must be a public-sector solution. Recent successful experiences from Brazil and India show that homegrown digital payment systems can expand inclusion and reduce costs, but only when they remain public infrastructure. The digital euro must resist tech and fintech companies’ push for private money creation.
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Lastly, and most importantly, the digital euro should be inclusive. That means the ECB’s wide-ranging “collaboration with numerous stakeholders” must include the retail, finance, and public workers who will operationalize the currency.
Bank employees across the eurozone will play a crucial role in ensuring the digital euro’s uptake, providing customers with clear explanations and dedicated support every step of the way. Postal workers might play a similar role for people who lack digital skills or a bank account, according to leaked ECB plans. And, of course, the digital euro will affect everyday transactions at supermarkets, clothing stores, and small shops, meaning that retail workers are best positioned to identify problems early and maintain the currency’s long-term credibility.
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Not only is involving these workers in the digital euro’s development essential to facilitate its adoption, but there are massive opportunities for their employers, too. In the financial sector, for example, smaller institutions already face consolidation pressures. A digital euro managed by the ECB would therefore create a level playing field, strengthening the position of these small financial actors.
The same is true for retail. While large companies can rapidly adapt, small- and medium-size retailers are already under significant pressure from inflation, rising operating costs, and the market power of dominant online platforms such as Amazon. A well-designed digital euro, with low transaction costs and strong public oversight, could reduce dependency on private payment providers, safeguard quality employment, and create a fairer single market.
Above all, the digital euro must build real European digital sovereignty, not perpetuate reliance on a handful of US companies subject to US laws. It must strengthen competition, not entrench dominant players. And it must be shaped by the workers – from bank employees to retail cashiers and postal workers – responsible for day-to-day implementation.
Of course, cash still has a role to play in protecting privacy and autonomy. Moreover, it sustains thousands of skilled jobs in printing, transport, and security, while ensuring social inclusion for older people, low-income households, and those without smartphones or connectivity.
As the European Parliament prepares to vote on the digital euro later this year (the ECB requires legislative approval to issue the currency), it has already signaled clear support for the project. In addition to endorsing the digital euro as a tool to strengthen European monetary sovereignty, it has also reaffirmed the ECB’s independence and the continued role of cash.
In this next phase, the ECB and other European institutions should recognize trade unions as constructive partners. Existing social-dialogue structures – in banking, retail, and the European System of Central Banks – are credible forums that can be accessed immediately to help shape an inclusive digital euro.
Designing a digital euro with meaningful input from workers benefits all involved. It would improve job quality, streamline and strengthen adoption by businesses, and reinforce Europe’s high-trust socioeconomic model. If successful, this approach to implementing the digital euro, by placing democratic values at its core, could set an example for the rest of the world to emulate.
You don't seem to get the point of a digital euro. How can workers SHAPE a digital currency that is purely a supplementary, digital form of a payment system already in place ?? But okay for most of the rest of your piece - it's mainly about consolidating the single European currency and offers a hands on approach to crypto and other means of digital money laundering.