The euro zone must become self-sufficient in managing payments, and the digital euro is expected to deliver the core infrastructure required for retail transactions, according to Piero Cipollone, member of the European Central Bank’s Executive Board. Speaking remotely at a conference in Italy, Cipollone said the project is central to preserving the ECB’s role in an increasingly digital economy and safeguarding the euro area’s monetary sovereignty.
Cipollone explained that the digital euro, together with two ongoing ECB initiatives focused on wholesale payments, would equip the euro zone with the tools needed to modernize its payment systems and reduce external dependencies. When asked whether the digital euro could strengthen Europe’s position relative to the United States, he said the initiative could give the bloc “more strength” by reinforcing its financial autonomy.
The ECB views the digital euro as a response to the growing presence of stablecoins, many of which are pegged to the U.S. dollar. Cipollone argued that stablecoins only become a threat if Europe’s payment infrastructure fails to meet user needs. If the digital euro covers all retail use cases, he said, there would be little incentive for consumers to adopt more complex private alternatives.
Source: European Central Bank, public remarks by Piero Cipollone
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