The Politicisation of the Digital Euro: Sovereignty, Surveillance and Democratic Contestation

Initially presented as a technical response to the digitalisation of payments and the emergence of private forms of digital money, the digital euro became the object of public controversy and political contestation. Why? Drawing on theories of politicisation and policy narratives, we examine the main arguments deployed by societal actors, including political parties, the financial industry and civil society organisations to support or oppose this project. We argue that the digital euro has evolved into a focal point for broader societal concerns about the role of the state, privacy, surveillance, and geoeconomics. Thus, opposition to and support for the digital euro were shaped by broader political conflicts and competing visions of the relationship among the state, the market, and citizens. The paper contributes to scholarship on the politicisation of technocratic governance and the public policy on emerging technologies by demonstrating how technical policy innovations can become embedded in broader struggles over authority, public trust and legitimacy.