Without a CBDC, there’s a risk that private digital currencies, including stablecoins, will dominate, and they still might. Such a scenario would make it harder for the central bank to control monetary policy, maintain financial stability, ensure low cost payments and enable financial inclusion.
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This makes absolute no sense at all.
Monetary policy is controlled by the central bank by raising or lowering the basic interest rate of the economy. This has nothing to do with CDBC or Stable coins.
There are also several ways to control stable coins. They are all backed up by real fiat/EUR. Those companies can be easily forced to have a limited supply or just face lots of fines or something like that, for example.
People in cryptospace are overestimating what stable coins can really do. Stable coins are just a private debt, people lend 1 USD to binance and receive BUSD back, because binance promises to pay back 1USD for each BUSD.
I think an EURO CBDC is going to happen not because they are affraid of stable coins, but because it is the evolution of money. It will be a better form of money, which will in long term bring benefits to the economy as it is faster and cheaper to transfer.