When Christine Lagarde addressed a central bank conference late last year, her frustration was clear. Europe had been debating a digital euro for years, but it was still nowhere close to being done.

Progress was so slow that it was likely her eight-year term would be up before the project saw the light of day. “This is too long,” she said. “We don’t want to be left in the dust.”

In the months since, the sense of urgency has increased among European officials. But with the first issuance of a digital central bank currency expected only in 2029, and delays still cropping up, so have fears that the bloc may have already fallen behind.

The European Central Bank president’s push is about far more than jumping on the digital currency…