Keynote speech by Piero Cipollone, Member of the Executive Board of the ECB, at the Baltic digital euro conference “Payments & Policy in a Changing Environment” organised by Eesti Pank in cooperation with Latvijas Banka and Lietuvos bankas

Tallinn, 29 September 2025

I often think about the ECB’s role as the guardian of the euro.

The euro is more than just a currency. It is a commitment, a commitment to stability, to unity and to a shared European destiny. A destiny built on peace and prosperity. Yet, as we look to Europe’s borders not too far from here, the challenges to peace and prosperity are all too visible.

Europe has faced these challenges with determination and a great resolve to go further. It is bolstering its readiness, strengthening its capacity to prevent and respond to threats and reinforcing the very foundations of our common security.^[1]

At the ECB, our aim is clear: to uphold Europe’s economic and financial stability in a world that never stands still….