Piero Cipollone: The digital euro - enhancing payments in the euro area
Speech by Mr Piero Cipollone, Member of the Executive Board of the European Central Bank, at the Italian Parliamentary Committee of Inquiry into the Banking, Financial and Insurance System, Rome, 19 February 2026.
The views expressed in this speech are those of the speaker and not the view of the BIS.
It is an honour to have been invited by Chair Zanettin to present the digital euro project to this Parliamentary Committee.
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 Europe's collective capacity to innovate and to compete globally.
The ECB, along with the euro area national central banks, stands ready to play its part in fostering Europe's autonomy and security.
The ECB's institutional mandate comprises two tasks that are particularly relevant for our discussion today: issuing central bank money and promoting the smooth operation of payment systems.