Piero Cipollone, a member of the Executive Board of the European Central Bank (ECB), has asserted that the development and introduction of a digital euro are paramount to ensuring Europe’s payments sovereignty in an era of heightened geopolitical instability and potential financial conflict.
Speaking on the strategic implications of central bank digital currencies (CBDCs), Cipollone stressed that the global financial system is increasingly characterized by friction and fragmentation, where cross-border payments can be—and have been—weaponized for political ends. He warned that Europe’s current reliance on payment solutions developed and governed outside the continent leaves the bloc vulnerable to external political pressures and potential exclusion from vital payment rails.
The digital euro, according to Cipollone, would serve as a critical public foundation for European payments, ensuring operational independence and resilience against external threats. By providing a secure, reliable, and universally accessible public means of payment, the ECB aims to shield European citizens and businesses from risks associated with the dominance of non-European Big Tech firms or global card schemes.
“In a world where geopolitics influences nearly every aspect of global commerce, maintaining autonomous control over our payments infrastructure is not a luxury, but a necessity,” Cipollone stated. He highlighted that the digital euro would guarantee that Europeans always have access to central bank money, irrespective of any decision made by foreign operators or governments.
While the ECB continues its preparatory phase for the digital euro, Cipollone emphasized that swift action is required to avoid falling behind other major jurisdictions and to secure Europe’s strategic autonomy in the crucial field of digital finance.
Source: ECB’s Cipollone says digital euro key to payments sovereignty in ‘weaponised’ world
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