Emmanuel Moulin, the recently installed Governor of Banque de France, used his first major policy address to deliver a pointed message: Europe needs to take back control of its monetary and payment infrastructure. Speaking in Paris on June 9, Moulin argued that safeguarding monetary sovereignty requires building homegrown alternatives to the foreign card networks and BigTech platforms that currently dominate European transactions.
The digital euro as a sovereignty play
Moulin’s remarks land squarely within the ECB’s broader digital euro project, which advanced to its next preparatory phase in October 2025. The central bank has targeted a potential launch by 2029, though no legislative decisions on issuance have been finalized. That timeline still depends on EU co-legislative processes.
The ECB has framed its digital euro initiative as essential for reducing dependence on foreign payment systems and BigTech platforms. The digital euro is designed to ensure that public money, not privately controlled infrastructure, remains the backbone of everyday European transactions.
Moulin also emphasized the importance of developing euro-denominated safe assets as a strategic opportunity to strengthen the region’s economic position.
