ECB’s Cipollone: Digital Euro Could Strengthen Competitiveness and European Autonomy

25 June 2024

By Aurėja Bobelytė – VILNIUS (Econostream) – The digital euro could strengthen competition and bolster Europe’s strategic autonomy and resilience, European Central Bank Executive Board member Piero Cipollone said Tuesday.

In a blog post published on the ECB website, Cipollone said, ‘The digital euro would make it easier for euro area firms to offer pan-European digital payment solutions. This would strengthen competition in a market currently dominated by a few non-European players, thereby lowering costs for merchants and consumers. And it would reinforce Europe’s strategic autonomy and resilience.’

The lack of a digital currency limited freedom in a highly digitalised age, he said.

‘In a world that is increasingly divided and exposed to the dominance of large technology firms, we have a responsibility to ensure that Europeans are always able to make affordable and safe payments effectively’, he said.

According to Cipollone, the digital euro could have a unifying impact on the European population in times of increasing instability and digitalisation.

‘Together, we can ensure that the euro – our single currency – is ready for the digital era and continues to underpin the freedoms Europeans hold dear’, Cipollone said.