Non-paper · October 2026
A Tokenised Vision for EU Financial Markets
Fernando Navarrete sets out a ten-step roadmap to take the EU from pilot projects to a single, integrated market for tokenised finance: settlement anchored in central bank money, one set of technology-neutral rules, and openness to the world.
Fernando Navarrete Rojas
Member of the European Parliament
Europe does not lack initiatives. It lacks an integrated strategy.
Tokenisation is moving from experiment to market infrastructure. The question is no longer whether markets will be tokenised, but where, under which rules and in which money.
Europe wrote the first rulebook, but its initiatives still advance in separate silos. The paper proposes a European model built on settlement in a two-tier system, technology-neutral rules and open markets, and a ten-step roadmap to put it in place between 2027 and 2031.
- Format
- Non-paper · 27 pages · October 2026
- Proposal
- 10-step roadmap, 2027–2031
- Key idea
- “Same activity, same risk”
Read the non-paper
Fernando Navarrete Rojas
Member of the European Parliament · Committee on Economic and Monetary Affairs (ECON)
Economist and Member of the European Parliament since 2024. He is the EPP Group’s Deputy Coordinator on the Committee on Economic and Monetary Affairs (ECON) and EPP Coordinator on the Subcommittee on Tax Matters (FISC).
Before his election he was Director General of the Governor’s Office at the Banco de España, Secretary General of the Treasury and Chief Financial and Strategy Officer at the Instituto de Crédito Oficial (ICO). He began his career as an economist in the Banco de España’s Directorate General of Regulation.
The views, analyses and proposals expressed in this paper are those of the author alone and do not constitute an official position of the European Parliament or the European People’s Party (EPP) Group.