The European Stability Mechanism (ESM) Managing Director Pierre Gramegna reiterated the urgency of accelerating the digital euro initiative, aligning with European Central Bank (ECB) board member Piero Cipollone’s stance that a swift response is necessary to counter the global expansion of dollar-backed stablecoins in order to safeguard Europe's monetary sovereignty

Event date

Mar 11, 2025 - 12:00am

Quotes that support claims

The changed US stance on digital currencies “could eventually reignite foreign and US tech giants’ plans to launch mass payment solutions based on dollar-denominated stablecoins,” Gramegna said. “And if this were to be successful, it could affect the euro area’s monetary sovereignty and financial stability.” Therefore the ESM supports the ECB’s “urgency in making the digital euro a reality to safeguard Europe’s strategic autonomy — this digital euro is today more necessary than ever,” he said.

In response to these concerns, the ESM supports the European Central Bank’s (ECB) accelerated efforts to develop and implement a digital euro. It aligns with ECB board member Piero Cipollone’s remarks from Jan. 24, when he said that the central bank must accelerate the push for the digital euro to respond to Trump’s push to promote dollar-backed stablecoins globally.