The path to European financial independence: digital euro rewrites the map of European strategy

Digital Euro is no longer just a technical project — it is becoming a critical necessity for establishing Europe’s financial sovereignty on the global stage. According to Pierro Cipollone, a member of the Executive Board of the European Central Bank, this initiative directly concerns how well Europe can control its own financial future amid the dominance of non-European players.

Why Europe Can No Longer Rely on American Payment Platforms

The current situation raises serious strategic concerns. The European continent is heavily dependent on external payment systems—primarily Visa, Mastercard, and PayPal—which control critical financial infrastructure. This dependence on American players creates potential vulnerabilities for Europe’s economy and sovereignty.

Cipollone noted that without active measures, this dependence will only grow. He emphasized the obligation of the European Central Bank to ensure not only the seamless operation of payment transactions but also the minimization of systemic risks through over-reliance on external infrastructure. That is why the digital euro is viewed as a tool to achieve strategic independence—not as a reaction to a specific country or company, but as a proactive measure to secure Europe’s financial independence.

Implementation Plan: From Pilot Project to Mass Deployment

The roadmap for the digital euro is clearly outlined. The pilot phase will begin in 2027, allowing testing of technical solutions and identification of potential issues. Full launch is scheduled for 2029, when the digital euro will be accessible to the general public and businesses.

This timeline is not accidental — it reflects the ECB’s awareness of the urgency of the task. Europe cannot afford to delay decisions regarding its financial infrastructure. Alongside technical development, work is underway on the legal framework for the project, although this component still awaits final approval from the European Parliament.

Digital Euro vs. Private Stablecoins: A Choice in Favor of Stability

Alongside the development of a state digital currency, a new problem has emerged — the rise of privately issued digital assets and stablecoins. Cipollone warns that these private currency solutions could pose a threat to financial stability if they gain a significant market share in payments.

According to the chief banker, the public needs a simple, reliable, and state-guaranteed alternative payment method. Digital settlement units issued by the ECB are meant to serve this purpose. They will provide a counterbalance to private instruments, help maintain financial stability, and prevent scenarios where European payments fall under the control of private companies without proper oversight.

Thus, the digital euro is not just a modernization of the monetary system but a strategic choice by Europe to retain control over its own financial destiny. As the map of European geopolitical priorities is rewritten, financial independence becomes a key factor in ensuring true sovereignty.