The European Central Bank intensifies its communication around the digital euro. Piero Cipollone, member of the Management Board, has exposed new arguments to the European Parliament in favor of the project. Will the ECB manage to reach users still mainly detractors?
In short
- For the ECB, the digital euro would serve as a rescue solution during major incidents (cyber attacks, application breakdowns).
- An “offline” option would allow proximity payments during an electric cut, with subsequent synchronization.
- The project intends to limit dependence on private payment solutions, often extra-European.
The ECB defends its digital euro as a bulwark against cyber attacks
Piero Cipollone, member of the ECB board, lifted the veil this Thursday before the Brussels MEPs. He defends the digital euro as a resilience tool against cybermenaces.
His example strikes by its simplicity: if a cyber attack drops “the application of a bank” but leaves the central system intact, the user could still access his account via the ECB digital application.
The subject is part of a worrying context : cyber attacks against financial infrastructure are multiplying and cause service interruptions. The digital euro would then offer a crucial bypass to maintain economic activity.
The argument is first operational. As the company moves away from cash, access to species becomes uncertain in emergency situations. The digital euro would complete the liquid, which Cipollone describes as our “only real rescue solution” today to guarantee a second safety net.
Offline feature is also being studied. It would make it possible to make proximity payments during a power cut, with deferred synchronization once the network is restored. The stated objective is to improve the continuity of service.
More broadly, the project aims to reduce unique failure points by adding a public, standardized and interoperable payment channel to limit exposure to private application failures and congestion in providers.
Europe in the face of the challenge of monetary sovereignty
This announcement is part of a wider battle for European monetary sovereignty. Christine Lagarde had recently hardened the tone against foreign stable, demanding “firm” guarantees for any issuer wishing to operate in the Union.
The figures reveal the extent of the challenge. Nearly $ 290 billion in Stablecoins circulate today worldwide. The USDT of Tether concentrates 60% of this market, strengthening the hegemony of the dollar in the digital economy.
The digital euro also aims to counter the growing influence of Apple Pay, Google Pay or Paypal. These American technological giants dominate European digital payments. A situation that the ECB deems unacceptable.
The European project is advancing concretely. Technically ready according to the authorities, the digital euro could see the light of day before the end of 2025. A close timing in the face of American competition which multiplies favorable regulatory initiatives.
The ECB plays big with this strategy. Europe must catch up with technological delay while preserving its monetary sovereignty. The digital euro represents much more than a simple technical project: it is the future of European financial autonomy that is played out in this digital battle.
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