ECB’s Cipollone Says Digital Euro Guarantees Strategic Autonomy

Europe needs a digital euro to guarantee its autonomy from payment providers outside the region, European Central Bank Executive Board member Piero Cipollone said.

“Today, Europe is significantly reliant on non-European payment systems and if we don’t do anything this reliance will increase,” Cipollone said Thursday. “It’s critical infrastructure for the functioning of the economy and putting it off would mean accepting a structural vulnerability.”

The ECB has been pushing for a digital counterpart to banknotes and coins for years to reduce the continent’s reliance on firms like Visa, Mastercard and PayPal for retail payments. Fears about excessive financial dependency ...