However, betting on a stronger euro may be optimistic considering the poor track record of these government plans, the rising fiscal challenges of France and other nations, the elevated debt and enormous unfunded liabilities, as well as the imminent implementation of a central bank digital currency. There are undoubted fiscal and deficit problems in the United States, but the relative position against the euro is undeniably stronger considering all the previously mentioned factors.

The European Central Bank (ECB) has accelerated its plan for a digital euro and recently hired the top global tech companies to create the architecture. However, European banks are rightly concerned, as a central bank digital currency poses significant privacy risks as well as a grave erosion of the capacity of the banking sector to lend and perform adequately.

Central bank digital currencies (CBDCs) can be a dangerous tool for their potential risks to privacy, financial stability, and the concentration of monetary power. In the United States, the Trump administration has issued an executive order banning the use of these instruments, labelling them as "monetary tyranny".

A CBDC is not the same as electronic money. A digital euro would give unprecedented surveillance capabilities to the central bank. Unlike current electronic payments, a central bank digital currency (CBDC) gives monetary authorities full and direct access to every transaction and savings account, eliminating financial privacy for citizens. This could allow for monitoring, controlling, or even penalising financial behaviours that central authorities may consider undesirable. Furthermore, a CBDC would eliminate the current limits in the financial system that prevent excessive money printing. Bypassing commercial banks and credit mechanisms allows central banks to instantly increase the money supply and finance government spending, eroding traditional budget controls. Removing commercial banks from the monetary system's transmission mechanism destabilises credit creation and increases the risk of crowding out the private sector.

The main arguments in favour of a digital euro, such as efficiency and enhanced monetary policy transmission, do not withstand scrutiny. None of those benefits require a centralised currency, much less a central bank-controlled monetary monopoly. If those were the real objectives, policymakers would encourage more decentralisation and competition instead of more central planning. The goal is more state control and rapid monetary financing of government spending, not real improvements for consumers or savers.