Piero Cipollone: Cash and the digital euro: two sides of the same coin

Résumé détaillé

The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.

It is a pleasure to be back here for the first time since the Parliament adopted its position on the Single Currency Package, and I very much welcome the broad support it received in the plenary session on 9 July. This gives a strong democratic backing to the digital euro. Let me also thank you for the considerable work and constructive dialogue that have made this progress possible.

A swift conclusion of the ongoing trilogue negotiations would pave the way for the adoption of the Single Currency Package[1] by the end of the year as foreseen in the One Europe, One Market Roadmap.[2] This would give us the legal certainty needed to complete our preparations for the digital euro. It would also give certainty to the market regarding the planned date for a possible first issuance, which can be set only after the Regulation is adopted. A delay in adoption could instead postpone the introduction of the digital euro, further entrench Europe’s dependence on foreign providers, and make it more difficult for European companies to innovate and compete.

Europe’s achievements in payments innovation go beyond progress on the digital euro. In September we launched Pontes, which connects market distributed ledger technology (DLT) platforms with the Eurosystem’s TARGET Services.[3] The launch was widely welcomed by the market, with 18 market participants and market DLT operators onboarded on day one and many others preparing to join soon. Pontes makes the settlement of tokenised transactions in central bank money an operational reality and is a major milestone in the development of digital European capital markets.

While I am happy to answer any questions on Pontes, I would like to focus my remarks today on the digital euro and cash.

We are moving ahead with preparations for the digital euro pilot. It will test the digital euro’s technical functionality, operational processes and user experience, using a beta version without legal tender status.

Starting in the second half of 2027, the…

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