Welcome address by Piero Cipollone, Member of the Executive Board of the ECB, at an event hosted by the Deutsche Bundesbank for central bank representatives attending the Sibos conference

Frankfurt, 30 September 2025

Almost exactly one year ago, I gave a speech – also here at the Bundesbank – outlining a vision for the future of digital finance and the role of central bank money in this new ecosystem.^[1]

Fast forward 12 months, and the pace of transformation seems to have quickened even more. Innovative digital payment solutions and digital assets are receiving increasing attention, with market participants scrambling to position themselves favourably to ensure they do not miss out. The opportunities and risks are being discussed at length.^[2]

So what does this mean for central banks? Today, I will argue that we need to innovate to keep central bank money at the technological frontier so that it can continue to act as an anchor of trust and stability for the financial system. I…