“Delays in the legislative process would risk breaking the momentum,” said Piero Cipollone, a member of the ECB’s executive board, speaking at an event in Cyprus, News.Az reports, citing AFP.
“They would further entrench our dependence on international card schemes and increase our exposure to non-European big tech payment solutions,” Cipollone added.
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While he did not name specific companies, concerns have been mounting over Europe’s heavy reliance on US technology firms, particularly as relations between Europe and the United States have become more strained under President Donald Trump.
The EU has been working for years on plans for a digital euro. In January, dozens of economists described the project as an “essential safeguard of European sovereignty” in an open letter, arguing that a digital single currency would allow Europeans to make online payments without depending on US-based card companies or payment systems.
Supporters say a well-designed digital euro could strengthen Europe’s financial autonomy. However, critics have raised concerns that it could enable governments to monitor citizens’ transactions or even restrict access to money.
Addressing these fears, Cipollone stressed that the ECB would continue issuing banknotes and remains committed to keeping cash widely available. “We are working hard to ensure physical cash remains widely accepted and available,” he said.
“As European citizens, we want to avoid a situation where Europe is overly dependent on payment systems that are not in our hands,” Cipollone added.
The ECB began work on a digital currency in 2020 and plans to launch a pilot scheme in 2027. The European Parliament is expected to decide later this year whether to move forward with the project.
“Once the legislation is adopted, the digital euro standards can be finalised and made available,” Cipollone said. He added that as merchants upgrade their payment terminals, they could ensure new devices are “digital euro-ready.”
European banks, however, have expressed concerns that a digital euro could reduce demand for their own online and electronic banking services. Some have responded by launching alternative payment platforms, such as Wero, to compete with US-based services like Visa, Mastercard and PayPal.
