In this paper we explore the intersection between payments
and monetary symbolism in the context of the digital euro. We argue that the
digital euro embeds normative values that align with the history and identity
of the euro.
The analysis draws a parallel between ancient coinage,
particularly Roman economic history and numismatics, and the role of
information and symbolism in modern digital currency systems. Since information
flows in many forms, Roman coins conveyed not just value but messages of
imperial legitimacy and cultural unity. Similarly, euro banknotes communicate
ideals of trust, inclusion, and economic pluralism. In this context, we will
seek to identify the messages conveyed by the digital euro and compare them
with the current means of payment to which the digital euro aims to be complementary,
cash.
As for the current EU legislation, we will explore whether
current and proposed legislation on payments are compatible with the messages
conveyed by the future digital currency of the Eurosystem to understand whether
they reinforce the character of the digital euro as a public good, grounded in
the principles of fairness, openness, and resilience.
We situate this analysis within broader debates on the
constitutionalism and semiotics of money, proposing that law plays an active
role in shaping not only the functionality but also the meaning of a currency.
In bringing forward a retail central bank digital currency, the ECB is not
simply digitising money, but it is engaged in minting a new narrative of what
it means to belong to a shared European monetary space.