No. It’s similar to Gnu Taler.

It also says it (indirectly) in the article:

According to the ECB, the Digital Euro is “Central bank money in digital form”. In other words: the Euro, except digital.

Behind this truism, the ECB mean that it would be money, still issued by the ECB, but not taking the aspect of a banknote or a coin, available free of charge for all.

So no blockchain. If implemented correctly this could be not just a replacement for Paypal et al.