Interview with Piero Cipollone, conducted by Miha Jenko on 10 July 2025

26 July 2025

Mr Cipollone, the ECB is actively exploring the digital euro, the project was launched in July 2021. What are your arguments in favour of the introduction of a digital currency? Is it just a must, something that is necessary in the era of fast-paced digitalisation and of many alternative payment systems and cryptocurrencies, including stablecoins?

We definitely think that it’s a must, because we need to solve a fundamental problem.

Central banks do one fundamental thing: they offer a means of payment to the public. Both for retail, day-to-day transactions, and for the wholesale transactions of banks. At the retail level, we provide cash and we will continue to do so. With cash you can pay throughout the euro area in almost every shop. Paying with cash is one of the fundamental freedoms people have.

However, cash can not be used for a growing part of our day-to-day transactions: we all shop online,…