In the vegetation of the Forest Cemetery in Darmstadt, we are joined for this episode by legal scholar Cederic Meier. For it is here that Georg Friedrich Knapp is buried. In his book “Staatliche Theorie des Geldes” (The State Theory of Money), Knapp put forward what was, in his day, a revolutionary proposal: that the value of money should be sought in the validity of state legislation. One of his core theses was: “Money is a creation of the legal system.” For us, this provides an opportunity to discuss the latest developments regarding the digital euro.
Just recently, on 9 July, following a long delay, Members of the European Parliament voted by a clear two-thirds majority in favour of a legal framework enabling the ECB to put digital central bank money into circulation for citizens in the eurozone. We discuss the path the digital euro might take from now on until it is expected to be issued by the ECB in 2029; we examine how the resistance to the digital euro from commercial banks and private actors should be interpreted; and we delve into contentious issues such as the holding limit.
Standing at Knapp’s grave, we tentatively approach the question: does the state or the European Union hold a position of strength when it comes to monetary policy, and how is this reflected in the protracted process of introducing the digital euro?
Digitalgelddickicht Update Digital Euro | 15 July 2026
Further reading
Ulrike Barth: „Diese Hürden muss der digitale Euro noch nehmen“. In: Golem, 13. July 2026.
Cederic Meier: „Zukunftsvision Digitaler Euro“. In: Verfassungsblog, 8. June 2026.
Digitalgelddickicht – Season 1: Digital Euro.
European Parliament: MEPs debate the European Central Bank’s annual report with ECB President Christine Lagarde, 09.02.2026.