Published by Global Banking and Finance Review
Posted on January 28, 2026
2 min readLast updated: January 28, 2026
ECB's Cipollone stresses the need for European payment systems amid rising geopolitical tensions, focusing on economic resilience and inflation stability.
MADRID, Jan 28 (Reuters) - Rising geopolitical tensions are firming the case for Europe to develop payment systems fully under its own control, European Central Bank Executive Board member Piero Cipollone said in an interview published on Wednesday in Spanish newspaper El Pais.
Cipollone said the growing "militarisation" of economic and technological tools was increasing global vulnerabilities and underscored the need for a European payments infrastructure based entirely on European technology.
"We need a system that is totally under our control. This is what we are doing with the digital euro," he said.
Europe lacks a cross-border payments champion able to rival U.S. duopoly Visa and Mastercard.
Asked whether the attacks on Federal Reserve Chair Jerome Powell's independence — which had prompted public support from ECB President Christine Lagarde and other central bankers — could have an impact on monetary policy decisions, Cipollone said the ECB remains focused on the euro‑area economy.
"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."
Cipollone said the euro‑area economy has so far proven resilient and expected figures that could top forecasts.
He noted that the latest upwards revision was due essentially to investment, which not only boosts demand but also expands productive capacity, supporting faster growth without compromising price stability.
But he warned that geopolitical uncertainty is rising and could weigh on the recovery.
"If uncertainty persists, it could undermine investment," he said.
"This would affect growth and, inevitably, inflation. If it persists, it will have an impact on the real economy."
(Reporting by Jesús Aguado; editing by Pietro Lombardi; Editing by Sam Holmes)
Monetary policy refers to the actions taken by a central bank to manage the money supply and interest rates to achieve macroeconomic objectives such as controlling inflation and stabilizing the currency.
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power and affecting economic stability.
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