Reports

The digital euro project, promoted by the European Commission and the ECB, is presented as a response to the erosion of confidence in the financial system and the rise of alternatives such as cryptocurrencies. However, the problem is political, not technological: mistrust stems from institutional failures in the wake of the Great Financial Crisis.
The digital euro does not respond to a real social demand, but rather to the institutional anxiety of the ECB. Its evaluation must undergo a rigorous test of necessity and proportionality compared to other alternatives.

Stablecoins have grown rapidly to become key components of the global financial system, with Tether as the market leader. Although they offer efficiency and lower volatility, institutions such as the ECB and the BIS warn of their potential to generate systemic risks if not properly regulated. The collapse of TerraUSD in 2022 highlighted these threats. While the US is promoting private stablecoins and putting the brakes on a public digital currency, international bodies are calling for strict regulatory frameworks to prevent further crises.