In an interview with El País, Piero Cipollone argues that the digital euro is primarily a response to structural changes in payments, not a reactionary geopolitical weapon. While acknowledging rising global tensions and the “weaponisation” of economic tools, he stresses that the ECB’s core mandate is to ensure smooth, resilient and accessible payment systems for Europeans.
Cipollone highlights that cash is rapidly losing relevance in everyday transactions, especially as e-commerce now represents over one-third of daily transaction value. With cash accounting for only 24% of transactions in 2024 (down from 40% in 2019), the ECB sees the digital euro as a way to preserve public money in a digital economy, effectively acting as a digital form of cash.
He acknowledges a geostrategic dimension to the project, noting Europe’s growing dependence on non-European payment providers. In this context, the digital euro would enhance European autonomy, resilience and control over critical financial infrastructure, while remaining optional for users and complementary to private payment solutions.
Responding to critics who suggest waiting for a private, bank-led alternative, Cipollone says such solutions have been discussed for years without success. He argues that the digital euro, as legal tender with a single, open standard, could actually enable private-sector innovation by reducing fragmentation across national and commercial systems.
He firmly rejects the idea of limiting the digital euro to offline use, pointing out that such a model would fail to address one of the core problems: the absence of a European payment solution for e-commerce.
On monetary policy, Cipollone downplays concerns about political attacks on central bank independence abroad, emphasising that the ECB remains focused solely on price stability in the euro area, with external events considered only insofar as they affect euro-area inflation.
Finally, he describes the euro-area economy as being in a “good place,” with resilient GDP growth and inflation close to target. However, he warns that rising uncertainty could undermine investment, threatening growth and, ultimately, price stability if it persists.
