Piero Cipollone, ECB Executive Board member, discusses the digital euro at an event in Cyprus, highlighting its role in enhancing Europe’s payment systems, sovereignty, and financial resilience.
Piero Cipollone, Member of the Executive Board of the European Central Bank (ECB), delivered a speech at the event “The digital euro in Cyprus”.
He emphasized the importance of the digital euro in strengthening Europe’s payments ecosystem, especially amid geopolitical tensions and rapid technological change.
The speech highlighted the ECB’s focus on ensuring central bank money remains fit for a digital age, including initiatives like Pontes and Appia to settle transactions recorded on distributed ledger technologies (DLT).
The digital euro aims to provide a risk-free, digital form of central bank money that supports innovation, enhances financial sovereignty, and reduces dependency on non-European payment solutions.
Benefits for consumers include convenience, offline functionality, and accessibility for vulnerable groups. For merchants, it offers lower fees and increased negotiation power. Banks will continue to serve as primary interfaces, with safeguards to maintain financial stability.
The legislative process is advancing, with the European Union’s agreement on the digital euro regulation and ongoing discussions in the European Parliament. Public-private partnerships are central to the project, with efforts to create a shared European payment infrastructure that fosters innovation and reduces dependence on foreign providers.
European leaders have called for swift legislative action to accelerate the deployment of the digital euro, ensuring Europe’s strategic autonomy and resilience in digital payments.
