ECB Executive Board member Cipollone says the digital euro could provide a sovereign option for European payments
European Central Bank Executive Board member Piero Cipollone said in an interview with Italy’s Milano Finanza that the digital euro could provide Europe with its own alternative in the payments sector. He pointed out that Europe currently depends on non-European third parties for key services.
Cipollone said that the smooth operation of payment systems is the responsibility of the European Central Bank, and that it would be difficult to ensure if there is heavy dependence on third parties. Citing energy and defense as examples, he said reliance on third parties carries risks, and that the digital euro would extend cash’s function in the digital world to the euro area, including privacy protection and broad acceptance. He stressed that sovereignty does not mean excluding third parties, but having the choice and being able to rely on one’s own strength.
The European Central Bank plans to launch a pilot involving real transactions conducted by central bank staff in 2027, and 36 market operators have already taken part in the preparations. If the relevant legislation is passed by the end of 2026, the Governing Council could decide on issuance, with a launch possible as early as 2029.
Original sources:
Title: Interview with Milano Finanza Publisher: European Central Bank Publication date: 2026-10-24 URL: https://www.ecb.europa.eu/press/inter/date/2026/html/ecb.in261024~ee2ba73cf3.en.html Source nature: official interview transcript Verification status: actually read in this instance, verification date 2026-10-26 Supported content: supports Cipollone’s remarks on third-party dependence, the definition of sovereignty, the 2027 pilot, and the possible 2029 issuance
Title: ECB official sees digital euro as key to protecting EU ‘sovereignty’ Publisher: Cointelegraph (reported) Publication date: 2026-10-25 URL: https://coinsnews.com/ecb-official-sees-digital-euro-as-key-to-protecting-eu-sovereignty Source nature: media report Verification status: actually read in this instance, verification date 2026-10-26 Supported content: supports the summary of the interview content and the timeline description
ABAB AI Insight
In an interview with Milano Finanza on October 21, Piero Cipollone positioned the digital euro as a complementary option for Europe’s payment infrastructure. He noted that a significant share of card payments in the euro area is managed by non-European companies, and that dependence on third-party infrastructure creates risks for system operation.
He drew a parallel between dependence in payments and in the energy and defense sectors, and made clear that sovereignty does not mean excluding external participants, but rather giving Europe autonomous choice and backup capabilities in key services. The digital euro is described as the digital counterpart to cash, usable online and offline, and supported by European rules and infrastructure.
Technical preparation and the legislative process are proceeding in parallel. The European Central Bank plans to carry out a 12-month pilot using real transactions by central bank staff in the second half of 2027, and 36 payment service providers are already involved in the preparations. If EU legislation is completed by the end of 2026, the Governing Council could decide whether to issue it, with a launch possible as early as 2029.
ABAB News · Cognitive Law
ECB Executive Board member Piero Cipollone said the digital euro could provide Europe with its own alternative for payments, reducing dependence on non-European third parties.
He defined sovereignty as having the choice and being able to rely on one’s own strength, rather than excluding external participants.
The European Central Bank plans to launch a real-transaction pilot in 2027, and if legislation is passed by the end of 2026, issuance could come as early as 2029.