Digital euro can reduce reliance on foreign rails, says ECB

European Central Bank Executive Board member Piero Cipollone said the digital euro could reduce Europe's reliance on foreign payment providers. He spoke in an interview published on October 9, 2025.

Cipollone described the digital euro as a public money operating alongside cash and digital payments. He called it "a European means of payment, built on European infrastructure, governed by European rules."

The digital euro would support instant, low-cost transactions online and offline. Cipollone said it would give consumers more payment options and reduce dependence on international card networks and big tech providers.

Commercial banks would distribute digital euros, maintaining their role in customer relationships and compliance processes. Cipollone said the design ensures deposits remain within the banking system. He stated the digital euro would strengthen European banks rather than weaken them.

The ECB has been preparing for a potential rollout following a two-year preparation phase that began in 2023. European lawmakers are currently reviewing draft legislation that would establish the legal framework for the currency's issuance and use. If approved, the digital euro could be piloted in the coming years before wider deployment.

Cipollone said transactions that comply with data protection transactions would follow the same data protection standards as current banking systems. Offline payments could offer greater privacy, similar to cash.

The ECB is working with the European Commission, national central banks, and financial intermediaries to ensure interoperability across the euro area. Cipollone said the goal is instant digital euro payments across Europe, in stores or online.

The ECB expects the digital euro to provide a public alternative to private digital payment systems.