The President of the German Savings Banks and Giro Association, Ulrich Reuter, has warned that the European Central Bank’s digital euro project could weaken rather than strengthen Europe. In an opinion published on 26 November 2025, he argued that the current design risks increasing Europe’s dependence on foreign payment firms instead of reducing it.
Reuter said the project would give Big Tech wider access to European payment data, limiting the bloc’s ability to control its own payment flows. He added that merchants would remain reliant on non-European payment networks, despite the ECB presenting the digital euro as a tool for greater sovereignty.
Concerns over competition and trust
According to Reuter, Europe’s competitive position could also suffer. He argued that the digital euro would divert investment and technical talent from private payment providers, slowing their ability to innovate. Instead of supporting European solutions like the Wero payment scheme, he said the ECB risks creating administrative competition rather than encouraging market growth.
Reuter also warned that trust, which he called Europe’s strongest currency, may be undermined. Moving retail deposits from banks into a digital euro wallet could weaken the financial system and reduce lending capacity. He stressed that digital money already exists in every bank account, making the ECB’s proposal appear unnecessary to many consumers.
In his view, a digital euro disconnected from customers’ existing accounts would struggle to gain acceptance. He argued that money must remain close to citizens through their trusted bank relationships.
Reuter concluded that the EU should focus on strengthening homegrown payment providers rather than building what he described as an expensive prestige project. A successful digital euro, he said, must integrate directly with bank accounts, prove its usefulness in the market, and enhance Europe’s competitiveness on the global stage.