Although the ECB last year began a two-year preparatory phase ahead of any launch, which would happen in 2026 at the latest, a definitive decision on releasing a digital euro has not yet been taken.

Executive board member Piero Cipollone advocates for a digital euro, pointing out that "we do not yet have a cash equivalent for making digital payments, which limits our freedom in an increasingly digital age" in a piece that has been published in a number of outlets.

As US giants Visa and Mastercard dominate the card business, Europeans are now dependent on electronic payment choices from outside the continent, notes Cipollone.

According to Cipollone, "a digital euro would combine the convenience of digital payments with cash-like features." It may be used offline, in stores, for e-commerce, P2P payments, and other purposes.

He goes on: "Euro area businesses would find it simpler to provide pan-European digital payment solutions with the digital euro. This would increase competition in a market where a small number of non-European companies presently hold a monopoly, bringing down prices for both consumers and retailers."

Additional advantages, according to the ECB official, include financial inclusion with no one left behind and more privacy compared to commercial payment solutions.

"In an increasingly digital and unstable world, a digital euro would be more than just a means of payment; it would unite Europeans." Cipollone argues, "It would preserve our freedom of choice while making our lives easier."

The ECB releases a progress report on the preparatory phase concurrently with the PR push.