ECB’s Cipollone Says Digital Euro a Matter of Sovereignty
ECB official sees digital euro as key to protecting EU ‘sovereignty’
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Published: Oct 25, 2026
Piero Cipollone, a member of the European Central Bank Executive Board, stated in an interview with Italy’s Milano Finance that the digital euro, set for a pilot test next year, could grant the European Union control over its payment infrastructure, currently reliant on external, non-European third parties.
Digital Euro Potential:
Cipollone emphasized that because of this dependency, ensuring smooth functioning is challenging. He did not specify any particular third parties.
“In recent years Europe has learned that, for some essential services, we cannot solely rely on third parties. We saw this with energy and we’re seeing it today with defense. And the same is true for payments.”
Pilot Program Details:
The pilot will involve real transactions conducted by ECB and national central bank staff. With 36 market operators, including seven from Italy, involved in preparations, the ECB is inviting e-commerce and mobile-commerce businesses to participate.
Sovereignty Without Exclusion:
Cipollone clarified that sovereignty doesn’t mean excluding third parties but rather having the power to choose and ensuring Europe can rely on its own strength for essential services like payments.
Regulatory Timeline:
The ECB Governing Council can only decide on issuing a digital euro after legislative negotiations in Brussels conclude. Cipollone expressed hope that the regulation would be adopted by the end of the year, allowing for a formal decision on issuance.
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