Piero Cipollone, ECB Executive Board member, discusses the digital euro, geopolitical risks, and monetary policy outlook in an interview conducted on January 22, 2026.
Piero Cipollone, Member of the Executive Board of the European Central Bank (ECB), was interviewed by Manuel V. Gomez on January 22, 2026. The ECB uses the current complex geopolitical situation to support the case for the digital euro, emphasizing the need for a resilient, European-controlled payment system.
Cipollone clarified that the digital euro is not a defensive measure but a means to ensure seamless, digital payments across Europe, addressing the decline of cash usage and the fragmentation of payment standards. He highlighted that cash accounted for 24% of transactions in 2024, down from 40% in 2019.
The digital euro aims to safeguard money as a public good and reduce dependency on non-European providers. It will be legal tender, promoting a single, open standard accepted across Europe, which could encourage private sector development of a pan-European payment system.
Cipollone addressed the possibility of offline digital euro transactions, noting the challenge of using offline payments for e-commerce. He also discussed the impact of global geopolitical tensions on monetary policy, emphasizing that the ECB’s focus remains on maintaining price stability with a target inflation of 2%.
He noted that the euro area’s economic outlook remains resilient, with recent data suggesting growth and inflation are close to targets. However, he acknowledged rising uncertainty in recent weeks.
