A speech by European Central Bank's Member of Executive Board Piero Cipollone outlines how a digital euro could strengthen Europe's resilience and autonomy in payments.

An initiative that responds to growing dependence on non-European financial infrastructure, which increasingly shapes transaction rules, costs, and access across the euro area.

According to Mr Cipollone, 'dependence on a non-European infrastructure leaves users vulnerable to an outright withdrawal of access.'

Most card transactions in the euro area depend on non-European schemes, while declining cash usage intensifies dependence on digital systems beyond European control.

He added that the proposed digital euro would function as a sovereign digital payment method, available online and offline, ensuring continuity and privacy.

It would also reduce reliance on foreign providers, lower transaction costs, and create a unified infrastructure supporting competition and innovation across the EU payment systems.

Beyond retail payments, the ECB emphasises a broader strategy including tokenised central bank money and distributed ledger technologies.

These measures aim to strengthen financial integration, prevent fragmentation, and ensure that the EU's digital financial ecosystem develops on foundations aligned with its economic sovereignty.