Piero Cipollone, ECB Executive Board member, discusses measures to enhance European firms’ competitiveness, energy dependency, inflation, and the digital euro in an interview conducted on August 10, 2026.
In an interview conducted on August 10, 2026, Piero Cipollone, Member of the Executive Board of the European Central Bank (ECB), discussed strategies to strengthen European firms and the role of the ECB in macroeconomic stability.
The primary focus is on removing restrictions within the European Single Market to enable cross-border expansion and increase domestic demand. Cipollone emphasized the importance of reducing internal market barriers to allow firms to scale and compete globally.
The ECB’s role in maintaining price stability is crucial for macroeconomic stability, which supports firm competitiveness. Cipollone highlighted the need for well-calibrated monetary policy, especially during supply shocks, and the importance of fiscal measures to address temporary external shocks, such as energy dependency.
He stressed the importance of reducing reliance on fossil fuels and increasing renewable energy sources to protect households and firms from external shocks and reduce energy costs. The potential of the European energy transition to enhance competitiveness was also discussed.
Regarding inflation and wages, Cipollone noted that productivity growth is key to protecting real wages without triggering wage-price spirals. He also emphasized the importance of education and training systems in adapting to technological advances, including artificial intelligence.
On economic outlook, Cipollone indicated that the risk of stagflation appears remote, citing signs of resilience in the European economy and stable inflation projections. He also addressed the digital euro, clarifying that it will complement cash, ensure privacy, and not allow direct identification of users, with transactions being protected and offline functionalities maintained.
Further details are available on the ECB’s official website.
