ECB Executive Board Member Piero Cipollone says digital euro will provide European payment sovereignty

ECB Executive Board Member Piero Cipollone stated that the digital euro is necessary to reduce Europe's dependence on non-European payment infrastructure. Online payments in the euro area grew from 6% in 2019 to 24% in 2024, with two-thirds using non-European card schemes. Cipollone argued that reliance on third-party payment systems threatens the smooth functioning of payment systems, which is within the ECB's mandate, and that the digital euro will provide a sovereign alternative similar to cash.