ECB officials: The digital euro is crucial to safeguarding Europe's strategic autonomy

PANews reported on January 30 that according to Bloomberg, European Central Bank executive board member Piero Cipollone said that the launch of the digital euro is crucial to safeguarding Europe’s strategic autonomy and aims to reduce dependence on payment systems outside Europe, such as Visa, Mastercard and PayPal. Cipollone noted that Europe currently relies heavily on non-European suppliers on payment systems, and this dependence will increase if no action is taken. The digital euro is scheduled to launch a pilot phase in 2027 and begin issuance in 2029. He emphasized that this move is not a response to a specific country or company, but rather fulfills the ECB’s role to ensure the proper functioning of payment systems and reduce systemic risks caused by over-reliance on external critical infrastructure. When it comes to stablecoins, Cipollone warns that such privately issued digital assets could “threaten financial stability.” He believes that the response is to provide the public with a simple and reliable alternative to the denomination of the euro, ensuring an effective combination of public and private currencies. Currently, the legal framework for the digital euro project is still awaiting final approval by the European Parliament, with some parliamentarians leaning towards a private sector solution.