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Cash remains the backbone of Europe's financial system, but does not meet the needs of the digital economy

European Central Bank (ECB) Executive Board member Piero Cipollone stated that cash remains “a cornerstone of the European financial system” and the only sovereign means of payment, but it cannot be used online.In light of the growing popularity of US dollar-pegged stablecoins, the ECB is stepping up its warnings about their impact on Europe’s financial independence. Cipollone called for the introduction of a digital euro as a strategic initiative to preserve the monetary sovereignty of the eurozone.In his April 8 statement published on the ECB’s website, he emphasized that the digital euro should limit the potential for foreign currency stablecoins to become the primary medium of exchange in the eurozone.This is not his first public comment on the matter. Cipollone has repeatedly warned about the risks associated with dependence on external payment providers — particularly stablecoins and international payment systems. According to him, such reliance threatens the EU’s economic autonomy.Despite the ECB’s persistence, the digital euro initiative faces criticism from European consumers, particularly due to concerns about privacy. According to a document released in March, many Europeans do not see a significant benefit to the introduction of a central bank digital currency.

ECB promotes digital euro as a defense against dollar stablecoins