The European Central Bank (ECB) intensifies its commitment towards the creation of a digital euro, a move motivated by the growing presence of stablecoin anchored to the US dollar within the continent’s economy.
Raising his voice is Piero Cipollone, member of the ECB Executive Board, who has renewed his call for the introduction of the European digital currency as a strategic tool to protect the monetary sovereignty of the eurozone.
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A challenge to the supremacy of the digital dollar and stablecoins by the ECB with the digital euro
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In his new article published on April 8 on the official ECB website, Cipollone issues a clear warning.
If Europe does not act promptly, it risks increasing its dependence on external payment systems, particularly those of the United States, exposing itself to growing economic vulnerabilities.
The overly penetrating entry of dollar-backed stablecoins could, according to him, erode the Union’s ability to autonomously control its own financial flows.
According to Cipollone, a digital euro would significantly limit the possibility that foreign digital currencies become predominant payment instruments in the eurozone countries.
The creation of a European CBDC, therefore, is not just a technological evolution, but a political and strategic act aimed at safeguarding the economic autonomy of the continent.
The ECB executive points out that the American administration is increasingly active in supporting cryptocurrencies, particularly stablecoins linked to the dollar, even at an international level.
This push could lead to Europe not only losing commissions and sensitive data, but also the transfer of substantial euro deposits to the United States. The result?
A further consolidation of the dollar as the preferred currency for cross-border payments. In this context, Cipollone relaunches a clear proposal: a public-private partnership is necessary to counter the dominance of foreign circuits.
In this context, the digital euro would represent the cornerstone of a genuinely European payment system, founded on European Union legislation.
While firmly defending digital innovation, Cipollone does not forget the value of cash. He defines it as a “cornerstone of the European financial system”, as well as the only true sovereign means of payment currently available.
Physical money guarantees universal access, contributes to financial inclusion, and offers a structural resilience that other instruments cannot ensure.
However, the limits of cash are increasingly evident in the contemporary world. In particular, the impossibility of using banknotes and coins online becomes an obstacle in an economy increasingly dominated by e-commerce.
Today, a third of European retail transactions take place online, Cipollone reminded: a tangible sign of how urgent it is to equip oneself with digital tools up to the challenges of the modern world.
The urgency of European payment systems and the doubts of European citizens
One of the most serious paradoxes highlighted by Cipollone concerns the digital payment methods. Often, he explained, when a European citizen makes an online transaction, they have no possibility of using truly European networks.
This forces him, in fact, to rely on extra-European systems, increasing the continent’s financial dependence on foreign entities. For this reason, the ECB executive strongly reiterated: “The time to act is now”.
The work on the digital euro must accelerate, as well as those on the regulation of the corso legale del contante.
Only in this way will it be possible to equip the eurozone economy with the necessary resilience to cope with future disruptions and contain the growing influence of overseas tech companies.
Despite the institutional rhetoric and the strategic setup of the initiative, the digital euro has not yet captured the hearts of consumers.
A study published by the ECB last March highlights a rather discouraging reality: the majority of European citizens do not perceive a real value in the introduction of the CBDC.
Among the main concerns, the one related to data privacy stands out, a particularly sensitive issue when it comes to payment traceability. This skepticism represents a significant obstacle that will need to be addressed in a transparent and participatory manner.
Without the involvement and trust of the citizens, even the most technologically advanced project risks remaining confined to statements of intent.
Beyond public concerns, it is clear that for the ECB the introduction of the digital euro is a strategic priority. In an era marked by digitalization and global monetary competition, Brussels cannot afford to fall behind.
The alternative is to entrust a crucial part of one’s financial system to the US banking and technology giants, with the risk of compromising decades of European economic integration and independence.
In this scenario, the digital euro is not just a technological tool, but a true symbol of monetary self-determination.