ECB Executive Board Member Piero Cipollone Highlights Digital Euro Pilot as Path to EU Payments Sovereignty

Piero Cipollone, a member of the European Central Bank’s Executive Board, said the digital euro pilot slated for next year could give the EU greater control over its payments infrastructure, which currently relies heavily on non‑European third parties. He noted that two‑thirds of euro‑area card transactions are governed by non‑European companies and that the digital euro could reduce this dependence. The pilot will use real transactions conducted by ECB and national central bank staff, with 36 market operators—including seven from Italy—already collaborating. Cipollone emphasized that sovereignty does not mean excluding third parties entirely but rather having the power to choose and ensuring the reliability of essential services such as payments. The ECB Governing Council can only decide on issuing the digital euro after legislative negotiations in Brussels conclude, with Cipollone hoping regulation will be adopted by year‑end.