ECB official sees digital euro as key to protecting EU ‘sovereignty’
ECB Executive Board member Piero Cipollone said a digital euro could give Europe greater control over its payments infrastructure and reduce reliance on non-European providers. A pilot using real transactions by ECB and national central bank staff is planned for next year, with 36 market operators helping prepare and the ECB seeking e-commerce participants. Cipollone said sovereignty means Europe can choose providers and rely on its own capabilities, not exclude outside firms. He cited estimates that non-European companies govern two-thirds of euro-area card transactions. The ECB Governing Council can decide whether to issue a digital euro only after EU legislative negotiations conclude; Cipollone hopes the regulation will be adopted by year-end.
