Piero Cipollone, ECB Executive Board member, discusses the importance of monetary sovereignty, digital euro, and safeguarding Europe’s financial independence at the 80th anniversary of the Italian Republic.
Piero Cipollone, Member of the Executive Board of the European Central Bank, delivered a speech at the conference “80 years of the Italian Republic” hosted by Sapienza University, Rome.
He highlighted the significance of national sovereignty, emphasizing the role of the Italian referendum of 1946 and the Italian Constitution in establishing a democratic republic where sovereignty belongs to the people.
Cipollone discussed the importance of monetary sovereignty, control over central bank money, and the euro’s role in maintaining economic stability and international influence. He noted the euro’s resilience, its 20% share in global currency use, and the high level of public trust (82%).
The speech addressed external dependencies in digital retail payments, particularly reliance on non-European solutions, and the need for a European digital euro to ensure control and resilience in digital payments. The ECB is preparing to issue the digital euro, with a pilot planned for 2027 and the first issuance in 2029, pending regulation adoption.
He also covered developments in wholesale markets, including tokenisation and distributed ledger technology, and the importance of settlement in central bank money to protect monetary sovereignty. The ECB is working on connecting DLT platforms to TARGET services through the Pontes project.
Cipollone addressed the euro’s international role, concerns over US dollar stablecoins, and efforts to enhance cross-border payments via the TARGET Instant Payment Settlement (TIPS) system, with links to other countries and systems planned. These initiatives aim to reduce reliance on third currencies and strengthen monetary sovereignty.
He concluded by emphasizing the importance of shared sovereignty in safeguarding peace, security, and progress in Europe. Strengthening resilience and reducing external dependencies are essential to preserving the euro and national sovereignty, as established 80 years ago.
For more information, visit the original source: ECB Key Speech.
