Europeans Reject the Digital Euro—Is the ECB Fighting a Losing Battle?

Consumer Skepticism Hampers Digital Euro Adoption

The European Central Bank (ECB) is struggling to convince Europeans to embrace the digital euro, as consumers across the eurozone remain indifferent or outright skeptical.

A recent ECB study, ‘Consumer Attitudes Towards a Central Bank Digital Currency’, surveyed 19,000 people in 11 euro-area countries and found that most Europeans are not interested in adopting the digital euro. When asked to allocate a hypothetical €10,000 across different financial assets, respondents assigned only a small fraction to the digital euro, favoring cash, bank accounts, and savings instead.

The report highlights a major communication hurdle for the ECB: people don’t see any compelling reason to switch to a central bank digital currency.

ECB Struggles to Sell a Solution to a Nonexistent Problem

The ECB argues that the digital euro is essential for financial modernization and European monetary sovereignty, but European consumers aren’t convinced.

Unlike countries such as China, where digital payments are deeply integrated into daily life, or nations with financial instability that require alternative monetary solutions, the eurozone already has stable and efficient payment systems. There’s no pressing need for a digital euro, and without a clear advantage over existing options, consumer adoption remains unlikely.

Even when consumers were presented with educational videos about the digital euro, survey responses improved slightly—but this raises a bigger question - If the digital euro truly offered unique benefits, wouldn’t adoption be more natural?

Can the ECB Overcome Public Resistance?

Despite growing doubts, European financial officials continue to push for the digital euro. Stephan Leithner, CEO of Deutsche Börse, argues that a permanent digital euro would strengthen Europe’s financial autonomy.

However, while this argument may appeal to policymakers, it does little to persuade everyday consumers—who see no reason to abandon familiar and trusted payment methods.

A “Solution in Search of a Problem”?

As skepticism grows and international opposition to CBDCs intensifies, the ECB faces a tough decision. Will it rethink its approach, or continue pushing a project that consumers don’t seem to want? 

For now, the public’s answer remains a resounding “no.” 

Unless the ECB can clearly demonstrate why Europe needs a digital euro, it risks becoming just another technology in search of a problem to solve.