Since 2025, the ECB has pursued a strategy aimed at strengthening the global role of the euro, with the objectives of lowering interest rates, insulating the euro area from exchange rate fluctuations, and protecting it against sanctions and coercive measures. My analysis shows that a stronger international role for the euro can make only a limited contribution to these objectives and is insufficient, in particular, as a means of safeguarding Europe’s financial sovereignty. In this respect, what matters most is the development of competitive European financial infrastructures, regardless of the currencies involved. By designing the digital euro in a way that is open to currencies other than the euro and accessible to non-euro area residents, the ECB could make an important contribution to this objective.