ECB Official Says Digital Euro Could Give Europe Control Over Its Own Payments

European Central Bank Executive Board member Piero Cipollone says the digital euro could give the bloc real sovereignty over a payments system that now leans on outside, non-European providers. In an interview with Italy’s Milano Finance, he explained that depending on third parties makes it hard for the ECB to guarantee smooth payments, which is one of its core duties. He did not name the companies he had in mind. Europe has already learned this lesson with energy and is learning it again with defense, he said, and payments are no different.

What Digital Euro Sovereignty Really Means

Cipollone stressed that sovereignty does not mean shutting outsiders out. It means having the power to choose and knowing Europe can rely on its own strength for an essential service. In an April lecture in Latvia, he said two thirds of euro area card transactions are controlled by non-European companies, and that a digital euro could cut that dependence by providing European-run payment infrastructure.

Digital Euro Timeline: Pilot in 2027 and Launch as Early as 2029

The pilot will use real transactions by staff at the ECB and national central banks. Thirty six market operators, seven of them from Italy, are helping with preparations, and the ECB is inviting e-commerce and mobile commerce firms to join. The Governing Council can only decide on issuance once legislative talks in Brussels finish. Cipollone hopes the regulation will be adopted by the end of this year, which would allow a formal decision, with a rollout possible as soon as 2029.