---
title: "From Dependency to Autonomy: The Role of a Digital Euro in the European Payment Landscape"
description: Discover how the digital euro aims to enhance financial sovereignty and inclusivity in Europe by reducing dependency on foreign payment systems.
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---

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# From Dependency to Autonomy: The Role of a Digital Euro in the European Payment Landscape

 by [**Digital Euro Association**](https://digital-euro-association.de/blog/author/dea) on Sep 25, 2024, 12:28:37 PM

On September 23, 2024, Piero Cipollone, a member of the Executive Board of the European Central Bank (ECB), addressed the Committee on Economic and Monetary Affairs of the European Parliament in Brussels. [His speech focused on the progress and benefits of the digital euro project.](https://www.ecb.europa.eu/press/key/date/2024/html/ecb.sp240923~cccba29006.en.html)

#### Key Highlights:

1. **European Dependency on Foreign Payment Systems:**
   
     - Cipollone emphasized that Europe is heavily reliant on non-European players for retail payments, such as Alipay, PayPal, and international card schemes (Visa, Mastercard). This dependency poses risks and limits Europe’s financial sovereignty.
2. **Benefits for Stakeholders:**
   
     - **Consumers:** A digital euro would ensure free and easy payments across the euro area, both online and offline, with robust privacy protections.
     - **Merchants:** It would provide cost-effective alternatives to existing payments systems, reducing dependency on international providers and associated fees.
     - **Banks:** Banks would benefit from new revenue sources and strengthened negotiating positions against international tech giants like Apple Pay and PayPal.
3. **Financial Sovereignty and Inclusion:**
   
     - A digital euro would be built with European technology, fostering financial autonomy. It would also promote inclusion by ensuring accessibility through various means (e.g., mobile apps, physical cards) for all European citizens.
4. **Project Progress:**
   
     - The ECB is midway through the preparation phase of the digital euro project. Current efforts include developing holding limits to ensure financial stability and finalizing a rulebook to guide consistent user experience across the euro area.

For a detailed dive into Cipollone's address and the future of the digital euro, you can read the full statement [here](https://www.ecb.europa.eu/press/key/date/2024/html/ecb.sp240923~cccba29006.en.html?utm_source=Organic&utm_medium=ECB+X&utm_campaign=ECB_X_ECONSpeechSep&utm_id=ECONhearing_SpeechSep24).

---

 

Topics: [Digital euro](https://digital-euro-association.de/blog/tag/digital-euro) [ECB](https://digital-euro-association.de/blog/tag/ecb)

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