ECB official sees digital euro as key to protecting EU ‘sovereignty’

What happened: ECB Executive Board member Piero Cipollone said the digital euro could give the bloc sovereignty over payments infrastructure that currently depends on non-European third parties. Why it matters: Cipollone frames reliance on non-European payment providers as a strategic vulnerability. The ECB Governing Council can only decide on issuance after legislative negotiations in Brussels conclude, with the regulation hoped for by end of year.

ECB Executive Board member Piero Cipollone said the digital euro could give the bloc sovereignty over payments infrastructure that currently depends on non-European third parties.

Cipollone frames reliance on non-European payment providers as a strategic vulnerability. The ECB Governing Council can only decide on issuance after legislative negotiations in Brussels conclude, with the regulation hoped for by end of year.