Piero Cipollone of the ECB discusses the role of cooperation, trust, and digital euro implementation at the Italian cooperative credit banks meeting, emphasizing the importance of public-private partnership and technological adaptation.
Piero Cipollone, Member of the Executive Board of the ECB, delivered a lecture at the Annual Meeting of the Federation of Italian Cooperative Credit Banks (Federcasse).
He highlighted the historical importance of trust and social agreement in money, referencing Aristotle’s concept of “nomisma” as an expression of law. The ECB’s digital euro aims to uphold these principles in a digital age, ensuring public money remains accessible and trustworthy.
The digital euro will be issued by the Eurosystem, distributed through banks, and will enable payments across the euro area via accounts held at banks. Customers will be able to pay online and in stores, with or without internet, using open standards that facilitate scalability and interoperability.
It will preserve banks’ customer relationships by maintaining privacy standards and integrating with existing banking apps. The digital euro will also support innovation, allowing banks to offer new digital payment services and reduce costs, with estimated investments of €4-5.8 billion over four years.
Ensuring inclusivity, the digital euro will be accessible to all citizens, including vulnerable groups, and will meet European accessibility standards. The legislative process is advancing, with the first pilot project scheduled for September 2027, involving 36 payment service providers across Europe, including Italian operators.
The ECB emphasizes that the digital euro is a joint effort, rooted in the cooperative spirit, aiming to strengthen trust and community ties in a digital environment. The project is envisioned as a public-private partnership, with banks playing a central role in its success.
More information on the digital euro development and upcoming steps can be found on the ECB’s official website.
