“The euro is not just a currency. It is a commitment to stability, unity, and a shared European destiny,” said Piero Cipollone, member of the Executive Board of the European Central Bank (ECB), at the Baltic Digital Euro Conference hosted by the central banks of Estonia, Latvia, and Lithuania.

A safeguard for financial independence

At the conference, Cipollone argued that a digital euro will protect Europe’s financial independence and strengthen public trust. He stressed that the project is not about replacing cash but about preserving freedom, security, and payment sovereignty.

“To achieve this, cash must exist not only physically but also digitally. As legal tender, a digital euro could be used anywhere digital payments are accepted. It would preserve our freedom to choose how we pay,” he noted.

Cipollone emphasized that a digital euro would reinforce Europe’s unity, safeguard its autonomy, and strengthen resilience in times of change. “Sharing a currency means sharing more than just money. It shows our future is bound together. It unites us,” he declared.

Geopolitical dimension of a common currency

He reminded policymakers that “sharing a single currency has a strong geopolitical dimension.” Cipollone compared the euro area to NATO—an alliance in economic terms.

“My predecessor on the ECB’s Executive Board, Fabio Panetta, once remarked that our monetary union is as close as it gets to a collective economic defense clause. An attack against one of its members is an attack against all, because it threatens a key element of our shared sovereignty,” Cipollone explained.

According to him, the common currency also fosters a sense of belonging that transcends national borders. “It provides a powerful anchor of stability, cementing Europeans’ trust in their money even in times of crisis,” he added.

How the digital euro will work

Cipollone outlined three critical features of the project:

• Infrastructure distributed across at least three regions, each with multiple servers.

• A dedicated ECB app allowing seamless switching between providers, ensuring uninterrupted access even during outages.

• Offline functionality, enabling payments even without internet, ATM access, or phone signal.

The digital euro project began in November 2023 with a preparation phase. By the end of 2025, the ECB Governing Council will decide whether to proceed with the next stage, define its scope and duration, and later consider issuing the currency once legislation is in place.

Sources:

https://coinedition.com/ecb-digital-euro-to-launch-by-2029-with-cash-option/

https://www.ecb.europa.eu/euro/digital_euro/faqs/html/ecb.faq_digital_euro.en.html#q15

https://www.ecb.europa.eu/press/key/date/2025/html/ecb.sp250929~9a94367d26.en.html