ECB official discusses digital euro and monetary policy in 2026 interview

Piero Cipollone, Member of the Executive Board of the European Central Bank (ECB), was interviewed by Manuel V. Gomez on January 22, 2026. The ECB uses the current geopolitical situation to support the development of the digital euro, emphasizing its role in ensuring a resilient and unified European payment system.

Cipollone explained that the digital euro is not a defensive measure but a response to the fragmentation of the current payments system and the decline in cash usage. Cash accounted for 24% of transactions in 2024, down from 40% in 2019, highlighting the need for digital payment solutions.

The digital euro aims to provide a public, European-controlled means of payment, reducing dependencies on non-European providers and safeguarding money as a public good. It is expected to be accepted as legal tender across Europe, promoting systemic resilience and standardization in digital payments.

Regarding offline payments, Cipollone noted the challenge of enabling offline transactions for e-commerce. He emphasized that the digital euro is designed primarily to address the need for a secure, unified digital payment method.

On monetary policy, Cipollone commented that the ECB’s focus remains on maintaining price stability with a target inflation of 2%. He highlighted that global events, such as U.S. monetary policy, influence the euro area through inflation channels. The ECB considers recent economic resilience and investment-driven growth as positive signs, with no major policy changes expected unless significant disruptions occur.

For more details, visit the official ECB press release.