Trump's 'Genius Act' vs Digital Euro: The Battle Over Money's Future

The debate over digital currency has resurfaced, pitting private stablecoins against state-issued central bank digital currencies (CBDCs). US President Donald Trump promotes private digital currencies through the 'Genius Act', while former European Central Bank director Lucrezia Reichlin proposes a counter-model for the euro. At stake is the fundamental architecture of the monetary system, determining whose money Europeans will use in the future. The question is whether digital money should be issued by the state (CBDCs) or by private companies (stablecoins). The United States under Trump has chosen the private path, intensifying the transatlantic rivalry over crypto supremacy. This is not a new debate but a revival of a question most economists thought settled, with far-reaching consequences for monetary sovereignty.