Piero Cipollone, a member of the European Central Bank executive board, stated that Europe requires its own payment infrastructure to reduce reliance on foreign operators. Currently, approximately two-thirds of online payments in Italy are processed through non-European card systems, a trend also observed in physical retail across the eurozone.
The digital euro is designed to function as a European alternative for both online and offline transactions, including offline capabilities without an internet connection. The project infrastructure will rely exclusively on European technologies and providers, though private banks and intermediaries will retain the ability to build their own services on top of this system.
Cipollone clarified that payment sovereignty does not imply a total rejection of third-party providers, but rather ensures the availability of domestic options. If the European Union adopts the necessary legislation by the end of 2026, the digital euro could be launched in 2029. Additionally, ECB President Christine Lagarde has confirmed plans for a pilot project in 2027.
