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Piero Cipollone: Europe and Monetary Sovereignty

In a February 2026 speech, ECB Executive Board member Piero Cipollone warned that Europe’s monetary sovereignty is threatened by growing dependencies on foreign payment systems and digital assets. He argued that control over the euro, both in cash and digital form, is essential for economic security and advocated for a digital euro and tokenised central‑bank money to reduce reliance on non‑European card schemes and stablecoins. The ECB announced two initiatives – the Pontes bridge for DLT settlement and the Appia ecosystem – to build a pan‑European digital‑finance infrastructure. He also highlighted expanding TIPS links to reinforce the euro’s global role.