The Digital Euro: Strengthening European Sovereignty in a Changing Monetary Landscape, October 29, Brussels

An invitation to an open exchange among Belgium’s banking leaders

The Digital Euro is often presented as another payments initiative. In reality, it is something much bigger.

It sits at the intersection of geopolitics, monetary sovereignty, technological transformation and the future role of commercial banks. As Europe seeks greater strategic autonomy in an increasingly fragmented world, the Digital Euro has become one of the continent’s most ambitious financial infrastructure projects.

Yet many fundamental questions remain unanswered. How quickly should banks prepare? How will the Digital Euro coexist with stablecoins and tokenised deposits? And how can banks continue to differentiate if much of the underlying infrastructure becomes standardised?

These are not implementation questions. They are strategic questions.

And they deserve an open discussion among peers.

Why this conversation matters

The legal framework is gradually taking shape and preparations across Europe are accelerating. While implementation may still be several years away, banks cannot afford to wait until every detail has been finalised before considering the strategic implications.

At the same time, the landscape is evolving rapidly. Stablecoins are gaining momentum, AI is reshaping commerce and payments, and Europe is seeking greater independence in critical financial infrastructure.

Against this backdrop, the question is no longer whether the Digital Euro deserves attention, but how banks should position themselves in a future where public and private forms of digital money are likely to coexist.

Three strategic tensions

1. European Sovereignty or Market Innovation?

The Digital Euro is widely seen as a cornerstone of Europe’s ambition to strengthen its monetary sovereignty. But it enters a market where private innovation is accelerating through regulated stablecoins, tokenised deposits and new digital payment ecosystems.

• Is the Digital Euro primarily a payments innovation, or a geopolitical necessity?
• Can Europe strengthen its strategic autonomy without slowing market innovation?
• Will the Digital Euro compete with stablecoins, or will both become complementary building blocks of Europe’s digital economy?

2. One Standard, Unequal Impact

The Digital Euro will require broadly similar capabilities from every participating bank. Yet the impact of those investments will not be evenly distributed.

Large and small institutions may face comparable implementation requirements, but for smaller banks these investments consume a far greater share of technology budgets, transformation capacity and scarce expertise.

• Does the Digital Euro unintentionally reinforce the advantages of scale?
• Can Europe pursue monetary sovereignty while preserving a diverse banking landscape?
• Where does collaboration create more value than individual implementation?

3. Standardised Infrastructure, Competitive Banking

Much of the Digital Euro ecosystem will inevitably be based on common standards. If the underlying infrastructure becomes increasingly commoditised, where should banks continue to differentiate?

• What should remain common infrastructure, and where should banks compete?
• How do banks create value beyond compliance?
• Will customer experience, digital identity and ecosystem partnerships become the next battleground for differentiation?

About this Think Tank

Like every Banking Scene Think Tank session, this evening is built around conversation rather than presentations.

Hosted under the Chatham House Rule in collaboration with our partner SAP Fioneer, a small group of senior banking executives will exchange perspectives in an informal setting.

There will be:

• no presentations
• no product demonstrations
• no sales pitches
• no press

Only an open discussion about one of the most consequential strategic developments facing European banking.

Places are limited to keep the conversation focused and useful. If this is a topic high on your agenda, we encourage you to express your interest early.

Practical Information

Date: October 29, 2026

Time: 18:30 to 22:00

Location: De Warande, Brussels