Piero Cipollone on Digital Euro
TL;DR
Piero Cipollone strongly supports the Digital Euro as a means to ensure strategic autonomy and financial stability in the euro area.
Key Points
He stated on February 6, 2026, that the Digital Euro is essential for monetary sovereignty and to prevent payment fragmentation in the euro area.
Cipollone views the Digital Euro as a mechanism to protect European banks and card schemes from external financial disruptions.
He emphasized in September 2025 that a Digital Euro could address risks associated with private digital money, including financial stability concerns.
Summary
Piero Cipollone, a member of the ECB's Executive Board, has consistently articulated a strong endorsement for the Digital Euro project, viewing it as crucial for safeguarding the euro area's financial sovereignty. He emphasizes that a central bank digital currency (CBDC) is necessary to maintain monetary sovereignty and prevent fragmentation in payments, particularly in the context of digital innovation led by non-European entities. Key to his argument is the belief that the Digital Euro will offer a safe, risk-free means of payment to the public, thereby preserving the central bank's role in the monetary system and complementing, rather than replacing, bank deposits.
His perspective frames the Digital Euro as a tool for resilience and strategic autonomy, capable of protecting European banks and established card schemes from external pressures and technological disruption. He has stressed that the design must specifically cater to wholesale use cases while ensuring the retail offering meets the public's need for a widely accepted digital payment method that respects privacy. The Executive Board member has indicated that the next steps involve careful consideration of the design's implications to secure these strategic benefits for the entire European system.
Key Quotes
This is not a call for protectionism. It is a call to invest in Europe's collective capacity to innovate and to compete globally.
Frequently Asked Questions
Piero Cipollone holds a strong, positive position on the Digital Euro, viewing it as a necessary project for the euro area. He sees it as vital for maintaining strategic autonomy and ensuring a safe, risk-free digital payment option for citizens.
There is no indication that Piero Cipollone has evolved his stance; he continues to voice strong support for the Digital Euro's fundamental principles. His recent statements reiterate the need for the CBDC to secure strategic autonomy for Europe.
Piero Cipollone has indicated that the design of the Digital Euro must be carefully considered, aiming to balance the needs of wholesale users with a robust retail offering. He stresses that the design must guarantee privacy while upholding financial stability.
Sources6
Remarks at the workshop on the Digital Euro: the next steps
ECB’s Cipollone says digital euro will protect European banks, card schemes
Digital Euro: A sovereign currency in the digital age
ECB’s Cipollone says digital euro guarantees strategic autonomy
* This is not an exhaustive list of sources.