Speakers
Objectives
Objectives
This plenary session aims first to establish a shared and forward-looking strategic diagnosis of the implications of stablecoins — the rapid expansion of USD-denominated stablecoins — for Europe’s monetary sovereignty, financial stability and competitiveness. It will assess how global competition between crypto-native actors and traditional financial institutions is reshaping the future monetary architecture, and what this implies for Europe’s positioning in an increasingly digital and tokenised global financial system.
Building on this diagnosis, the session will examine whether the digital euro — retail and wholesale — constitutes a sufficient response, or whether Europe needs to foster a broader and more diversified ecosystem combining central bank digital money, tokenised bank deposits and regulated euro-denominated stablecoins.
Finally, the discussion will address the coexistence of different monetary instruments in a tokenised financial system and the conditions needed to preserve the singleness of money while supporting innovation. Drawing lessons from other jurisdictions, notably the United Kingdom and the United States, the session will seek to identify good practices Europe should adopt, adapt or avoid. It will conclude by identifying concrete political priorities for the next 12–24 months.
Points of discussion
- To what extent does the rapid expansion of USD-denominated stablecoins constitute a structural strategic challenge for Europe — not only for financial stability, but for monetary sovereignty, infrastructure control and global standard-setting power? What are the concrete risks of responding too slowly?
- As stablecoins expand beyond crypto markets into core payment and settlement functions, how can Europe design a coherent framework that preserves the singleness of money, protects financial stability and safeguards banks’ capacity to finance the real economy?