CBDC | ECB Says Digital Euro Could Strengthen Europe’s Payment Sovereignty

The European Central Bank (ECB) sees a digital euro as a way to reduce the European Union’s reliance on foreign payment providers and strengthen control over its financial infrastructure as the bloc seeks greater technological and economic autonomy. ECB Executive Board member, Piero Cipollone, said Europe’s dependence on non-European companies creates vulnerabilities in essential payment services. He said the digital euro would give the bloc a publicly-backed alternative without excluding foreign providers from the market.