French President Emmanuel Macron has called on the European Union to strengthen the international role of the euro by developing euro-denominated stablecoins and accelerating work on the digital euro. He framed digital money as a strategic tool to enhance Europe’s financial sovereignty and support investment in defence and critical technologies.
In an opinion article published in the Financial Times, Macron argued that Europe must adapt its economic model to a more competitive and fragmented global environment. He said reinforcing the euro’s global position should be part of a broader effort to mobilise European savings and reduce reliance on external financial infrastructures.
Macron explicitly pointed to the need for the EU to support the development of stablecoins linked to the euro, alongside the introduction of a digital euro by the European Central Bank. He presented both instruments as complementary ways to modernise Europe’s monetary system and increase the currency’s international use.
Stablecoins and digital euro as strategic tools
According to Macron, euro-denominated stablecoins could help extend the euro’s reach in global digital finance and cross-border payments, an area currently dominated by US dollar-based instruments. He suggested that Europe risks falling behind if it does not foster regulated, euro-backed alternatives that can operate at scale in digital markets.
The French president also reaffirmed support for the digital euro, the ECB’s proposed central bank digital currency. The project aims to provide a public digital form of cash that can be used across the euro area, complementing bank deposits and private payment solutions.
Macron linked these initiatives to wider economic and geopolitical objectives. He argued that strengthening Europe’s monetary infrastructure would make the EU more resilient to external shocks and reduce dependence on non-European payment systems and financial intermediaries.
Linking digital money to defence and technology funding
Beyond payments, Macron connected digital monetary tools to Europe’s need to finance defence, energy transition and advanced technologies. He called for the creation of safe and liquid European financial instruments that can channel savings into strategic investments, suggesting that a stronger international euro would support these efforts.
This framing places digital money within a broader industrial and security strategy, rather than treating it as a purely technical or financial issue. It also reflects growing concern in European capitals about the dominance of the US dollar in global finance and the rapid expansion of dollar-pegged stablecoins.
Macron’s intervention stands out because it comes from a sitting head of state and directly endorses stablecoins as part of Europe’s policy toolkit. Until now, EU debates have largely focused on regulation and risk containment, particularly through the Markets in Crypto-Assets Regulation, rather than on actively promoting euro-based digital instruments.
Implications for EU policy debates
Macron’s comments are likely to add political momentum to ongoing discussions in Brussels and Frankfurt about the future of digital money in Europe. They may also intensify debate over how private euro-denominated stablecoins should coexist with a potential digital euro, and what role each should play internationally.
For the ECB and EU lawmakers, the challenge will be to balance innovation with financial stability and monetary control. Macron’s call suggests that some European leaders see digital money not only as a defensive response to global trends, but as a proactive lever to enhance the euro’s global standing.