Piero Cipollone: Digital euro - protecting our freedom, autonomy and security
Keynote speech by Mr Piero Cipollone, Member of the Executive Board of the European Central Bank, at the Baltic digital euro conference "Payments & policy in a changing environment", organised by Bank of Estonia in cooperation with Bank of Latvia and Bank of Lithuania, Tallinn, 29 September 2025.
The views expressed in this speech are those of the speaker and not the view of the BIS.
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.
At the ECB, our aim is clear: to uphold Europe's economic and financial stability in a world that never stands still. Price stability is the primary objective of our monetary policy. And we also help to preserve financial stability by supervising banks, adopting macroprudential policy measures and overseeing payment systems.
But today is an opportunity to discuss one vital element in our ongoing efforts to deliver stability: ensuring that central bank money – our sovereign money, which Europeans use every day in the form of cash – remains universally accessible for everyday transactions.