Money is now mostly digital. In the eurozone, circulating euro banknotes represent only about 10% of the total money supply: the rest is mainly provided by the banking system. Furthermore, the use of cash has been rapidly declining, from 68% of daily transactions in the euro area in 2019 to 40% in 2025. In Sweden, only 10% of consumers paid for their last purchase in stores in 2024. It can be said that the digital euro project is a response to this decline in cash, but Christine Lagarde, President of the ECB, has stated that it is not just a means of payment but also a political statement about Europe's sovereignty. Indeed, the ECB wants to preserve the monetary anchor and the payment system, which today largely depends on digital infrastructures and American companies. Digital money is not just a technological issue but also an institutional and political one, as we state in the report Digital money (CEPR, 2026).