ECB executive board member Piero Cipollone highlights the need for a digital euro to strengthen Europe’s financial resilience and strategic autonomy.
Cipollone explains that the declining use of cash limits people’s ability to pay with central bank money, and that without a digital alternative, central bank money could effectively be sidelined at the retail level. The digital euro would provide a single European solution for digital payments, reducing reliance on international card schemes and enhancing the smooth functioning of the payment system.
A digital euro would also reinforce Europe’s unity, autonomy, and the resilience of the financial system, acting as the digital equivalent of cash. Cipollone frames it as a natural evolution in the history of payments, alongside cheques, debit cards, mobile payments, and potentially stablecoins. He cautions, however, that stablecoins carry risks related to monetary sovereignty and financial stability.
The interview covers practical benefits for users and merchants: simplicity of payment, offline functionality, and lower transaction fees for merchants compared to international card schemes. Around 66% of informed eurozone users have expressed interest in using a digital euro, though the final take-up rate will be clearer after a public campaign.
Cipollone also addresses legislation, cybersecurity, privacy, anti-money laundering, holding limits, and cross-border cooperation. The European Commission’s regulation on the digital euro is expected to be adopted by 2026, enabling issuance potentially by 2029. The ECB is designing a resilient system with multiple sites and servers, ensuring continuity even if one site fails, and maintaining privacy through anonymized transaction codes.
Finally, Cipollone stresses that the digital euro project is independent of geopolitical tensions, such as hostile external remarks, and reflects Europe’s broader digital transformation strategy.
Source: Nikkei, Interview by Takerou Minami, 26 November 2025.
