More than 60 economists have urged Members of the European Parliament to back plans for a European Central Bank digital euro, warning the bloc risks “losing control” of its money and deepening dependence on US payment providers if the project is diluted.

The call comes in an open letter sent to parliamentarians and published on 11 January 2026 by the Sustainable Finance Lab, which said thirteen euro-area countries rely entirely on international card schemes for basic retail payments. The European Council has supported the ECB’s ambition to introduce an electronic equivalent to cash by 2029, but the proposal still requires approval by a majority of the European Parliament later this year.

The academics argued a strong public digital euro would enhance sovereignty and resilience, citing exposure to “geopolitical leverage, foreign commercial interests, and systemic risks beyond Europe’s control” due to reliance on non-European providers. The letter stated: “A robust public digital euro is our only defence.” Signatories include Thomas Piketty, Eric Monnet, Jan Pieter Krahnen and Daniela Gabor.

Europe’s banking industry has lobbied to scale back the project. In November, fourteen large lenders, including Deutsche Bank, BNP Paribas and ING, warned that a digital euro could undermine private-sector initiatives to rival US payment systems, according to industry submissions. Germany’s Banking Industry Committee has described the ECB’s plans as “too complex” and “too expensive”, arguing they offer “little tangible benefit for consumers”.

Some lawmakers have also urged caution. Fernando Navarrete, a conservative MEP from Spain responsible for assessing the file in Parliament, has argued for a significantly scaled-down version, according to parliamentary commentary. The open letter called on policymakers to ensure the instrument works both online and offline, protects privacy by design, and is available to all European residents, including those without commercial bank accounts. It also advocated a “generous and gradually rising” holding limit to make it a credible store of value.

Under current proposals, individuals would be able to hold up to €3,000 in a digital wallet, with those funds not available as deposits to private banks, according to the plan outline. Triodos Bank, which supports the ECB’s approach, said lenders are concerned about deposit flight from retail clients. Hans Stegeman, Triodos’ chief economist and a signatory to the letter, said: “We want to have a financial system that serves society and not the other way around.”

The letter concluded that “policy makers need to resist the shortsighted financial lobby” and warned “we may not get a second chance”, urging Parliament to avoid a symbolic compromise and instead back a robust public money option.

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