Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the Italian Parliamentary Committee of Inquiry into the Banking, Financial and Insurance System

Rome, 19 February 2026

It is an honour to have been invited by Chair Zanettin to present the digital euro project to this Parliamentary Committee.^[1]

In modern economies, a currency’s acceptance is dependent on the trust of its citizens. As a result, any project involving currency, such as the digital euro, also draws strength from its democratic legitimacy. In this context, political scrutiny and informed debate are crucial, highlighting the importance of the work carried out by this Committee.

This presentation comes at a pivotal moment for Europe. In a global environment defined by rapid change, strategic uncertainty and geopolitical tensions, Europe needs to strengthen its independence by building a strong, innovative and competitive economy.

This is not a call for protectionism. It is a call to invest in…