Piero Cipollone, a member of the European Central Bank's Executive Board, said in an interview published in Spanish daily El Pais that heightened geopolitical tensions reinforce the argument for Europe to create payment systems that are entirely under its own authority.
Addressing the broader scene of economic and technological competition, Cipollone warned that the increasing "militarisation" of economic and technological tools is raising global vulnerabilities. He argued this trend points to the need for a payments infrastructure grounded wholly in European technology.
"We need a system that is totally under our control. This is what we are doing with the digital euro," Cipollone said, framing the digital currency project as part of a broader effort to secure payments capabilities.
On the current payments landscape, Cipollone pointed out that Europe does not yet have a cross-border payments champion capable of standing up to the U.S. duopoly of Visa and Mastercard. That gap underlines the strategic rationale for bolstering European alternatives.
The interview also touched on recent debate surrounding the independence of central bankers in other jurisdictions. When asked whether the attacks on Federal Reserve Chair Jerome Powell's independence - which had drawn public backing from ECB President Christine Lagarde and other central bankers - might influence policy decisions, Cipollone emphasized the ECB's remit.
"We are the central bank of the euro area, not of the United States," he said. "We set interest rates to ensure price stability - a 2% inflation target over the medium-term. What happens elsewhere matters only if it affects inflation in the euro zone."
Regarding the euro-area economy, Cipollone described it as having shown resilience so far and said he expects upcoming figures that could outperform projections. He attributed the latest upwards revision primarily to investment, noting that investment not only lifts demand but also increases productive capacity. That dynamic, he said, supports stronger growth without necessarily endangering price stability.
Still, Cipollone cautioned that geopolitical uncertainty is on the rise and could weigh on the recovery. "If uncertainty persists, it could undermine investment," he warned. "This would affect growth and, inevitably, inflation. If it persists, it will have an impact on the real economy."
Contextual note: The remarks outline both a policy rationale for the digital euro and a recognition of the macroeconomic channels through which geopolitical risk can feed into investment, growth and inflation within the euro area.