Denis Beau’s speech presents a strong case for Europe to assert control over its digital payment infrastructure, framing stablecoins as both an opportunity and a threat to monetary sovereignty. The strongest version of this narrative is that Europe must act decisively to prevent the dominance of foreign stablecoins, particularly USD-backed ones, which could undermine the euro’s role in global finance. Beau’s call for a two-tier monetary system—anchored by central bank money and regulated private...