Piero Cipollone: Interview with ilsussidiario.net

Interview with ilsussidiario.net Skip to: Skip to navigation Skip to content Skip to footer EN Български Čeština Dansk Deutsch Eλληνικά English Español Eesti keel Suomi Français Gaeilge Hrvatski Magyar Italiano Lietuvių Latviešu Malti Nederlands Polski Português Română Slovenčina Slovenščina Svenska Menu Monetary policy & markets Monetary policy & markets Our monetary policy strategy, the tools we use and the impact they have Overview of monetary policy and markets Quick links What is monetary policy? Strategy review Asset purchase programmes Latest monetary policy press conference 23 July 2026 Introduction Benefits of price stability Scope of monetary policy Transmission mechanism Decisions, statements & accounts Monetary policy strategy Strategy review Medium-term orientation Two per cent inflation target Economic, monetary and financial analysis Economic analysis Monetary and financial analysis Monetary policy operations Open market operations TLTROs Asset purchase programmes Securities lending Pandemic emergency purchase programme Standing facilities Minimum reserves Two-tier system Euro central bank liquidity lines Swap lines EUREP Chronology of Eurosystem liquidity lines Emergency liquidity assistance (ELA) Liquidity analysis Collateral Eligibility criteria and assessment Marketable assets Non-marketable assets List of eligible marketable assets User guide Collateral management Eligible SSSs Eligible links Eligible triparty agents Risk mitigation ECAF Risk control Haircut categories Valuation Loan-level requirements Contacts Structure of the euro area economy Economic policy Fiscal policies External trade Effective exchange rates Financial structure Financial markets Financial intermediaries Economic diversity Labour market Market contact groups Bond market (BMCG) Money market (MMCG) Debt Issuance Market Contact Group (DIMCG) ECB Operations managers group (ECB OMG) Foreign exchange (FXCG) Institutional Investor Dialogue (IID) Monetary Analysis Contact Group (MACG) Payments & financial stability Payments & financial stability Insights into our work on financial stability and payments and market infrastructures Overview of payments and financial stability Quick links Digital euro Payments news & events Market contact groups TARGET professional use documents and links Latest Financial Stability Review 5 June 2025 Payments TARGET Services Shared features T2 Facts and figures Governance T2S Governance Facts and figures Pricing TIPS Cross-border payments Governance Facts and figures Onboarding ECMS Governance Pontes Governance TARGET professional use documents & links Shared features documents & links T2 documents & links T2S documents & links TIPS documents & links ECMS documents & links Pontes documents & links Tokenisation and DLT Appia Exploratory work Retail payments Retail payments strategy ECB as a catalyst SEPA Instant payments Market contact groups Collateral management harmonisation SCoRE Implementation FAQ AMI-SeCo Cyber resilience Financial market infrastructures TIBER-EU Euro Cyber Resilience Board Oversight Payment systems TARGET2-Securities Electronic payments Securities settlement systems and central counterparties Critical service providers Correspondent and custodian banks SecuRe Pay forum Reserve management services Key aspects Range of services Cash professionals Cash handling Authentication devices Recirculation of banknotes Common detector interface specifications Banknote manufacturer accreditation Financial stability Introduction to financial stability Macroprudential Measures Financial stability contact groups Statistics Statistics Access to all ECB statistics and background information Overview of ECB statistics Quick links Key figures ECB Data Portal Statistical releases PRESS RELEASE - ECB launches pilot project for research access to confidential statistical data 13 March 2025 Frequently accessed Euro exchange rates Key ECB interest rates Euro short-term rate (€STR) Interest rate benchmarks Working group on euro risk-free rates Inflation Euro area yield curves All statistics & background All key statistics All data services Data reporting & standards Governance and quality framework Co-operation and standards Banks’ data reporting DPM Alliance IReF JBRC BIRD AnaCredit AnaCredit Q&A Public consultations Banking industry dialogue on ESCB statistics and integrated reporting SDMX – statistical data exchange model INEXDA - granular data network The euro The euro All you need to know about our common currency Overview of the euro Quick links Cash professionals Banknote and coins statistics Euro exchange rates Redesign process of our future banknotes Digital euro What it is Digital euro and privacy How it works Why we need it Innovation platform Pilot Timeline and progress In-depth information Governance and stakeholder engagement Technical documents and research Scheme rulebook Frequently asked questions Cash The Eurosystem cash strategy The role of cash Issuance and circulation Access to and acceptance of cash Frequently asked questions Banknotes Future banknotes Current banknotes Denominations Design elements Security features Anti-counterfeiting Banknote production and stocks Damaged and inked-stained banknotes Environment, health and safety Product environmental footprint Research and development Images and reproduction rules Information and training materials Coins €2 €1 50 cent 20 cent 10 cent 5 cent 2 cent 1 cent Common sides €2 commemorative coins Security features Collector coins Joining the euro area Bulgaria (2026) Croatia (2023) Lithuania (2015) Latvia (2014) Estonia (2011) Slovakia (2009) Cyprus (2008) Malta (2008) Slovenia (2007) Initial changeover (2002) Exchanging national cash Austria Belgium Bulgaria Croatia Cyprus Estonia Finland France Germany Greece Ireland Latvia Italy Lithuania Luxembourg Malta The Netherlands Portugal Slovakia Slovenia Spain Visually impaired people Research Research In-depth studies and expert analyses covering diverse topics and fields Overview of ECB research Quick links Conferences & seminars Opportunities for researchers Research Bulletin Economic research Research agenda Monetary policy, strategy and implementation Fiscal policy and governance within EMU International macro and finance Real sector and microeconomic analysis Forecasting and business cycle analysis Macro-finance, systemic risk and macroprudential policy Financial institutions, microprudential policy, financial markets and payments Opportunities for researchers Wim Duisenberg Fellowship Regular Research Visitors Lamfalussy Fellowship Summer Research Graduate Programme Student Research Traineeship Programme Legal Research Legal conferences and seminars Legal Research Programme Research papers Papers by authors ECB researchers Research networks News & publications News & Publications Browse all news & publications News Press releases Statistical releases Speeches Interviews The ECB Blog Podcasts & webcasts Payments news & events Press hub Publications Governing Council decisions Monetary policy decisions Other decisions Monetary policy accounts Economic Bulletin Articles Focus Monthly Bulletin Macroeconomic projections Annual reports & financial statements Annual Report Annual Accounts Eurosystem balance sheet Weekly financial statements Disaggregated data Financial stability publications Financial Stability Review Special features & boxes Macroprudential Bulletin Research publications Research Bulletin Working papers Discussion papers Occasional papers Legal working papers Statistics papers Other publications Letters to MEPs Convergence Report International Role of the Euro Events & calendars Monetary policy press conference Monetary policy statements Monetary policy statements at a glance Conferences & seminars Forum on Central Banking Young Economist Prize Past editions Civil society engagement Calendars Weekly schedule Meetings of the Governing Council and the General Council Statistical calendars Money, banking and financial markets Euro area economic and financial developments by institutional sector External transactions and positions Prices, output, demand and labour Government finance Supervisory and prudential statistics Eurosystem's tender operations Reserve maintenance period ECB banking supervision About us About us All about us Our leadership Executive Board Governing Council General Council Supervisory Board Our organisation ECB, ESCB and the Eurosystem ECB mission Eurosystem mission Strategic intents Organisational principles Our tasks and responsibilities Monetary policy Statistics Financial stability and macroprudential policy Our tasks Strategy Institutional framework Banknotes Payments & securities European relations European cooperation EMU economic governance International affairs International relations and analysis International central bank cooperation Foreign reserves and own funds Foreign exchange operations Organisation chart of the ECB Capital subscription Corporate governance Eurosystem financial literacy network Our values Independence Transparency Integrity Ethics Network of Multilateral Organizations (ENMO) Accountability Our history, arts and culture Our history 25 years of the ECB Economic and Monetary Union EU enlargement European Union Archives Committee of Governors European Monetary Cooperation Fund Delors Committee European Monetary Institute European Central Bank Arts and culture Our legal framework EUR-Lex - Frequently asked questions Institutional framework Climate change and the ECB Our climate and nature plan Climate-related financial disclosures Managing climate-related risks Supporting the green transition Fostering wider action Our approach Environmental protection Climate Insurance Protection Gap Sanctions imposed by the ECB Procurement Tenders Archive Electronic tendering system Access to documents Public Register of Documents Contacts Address ECB public holidays ECB & You ECB & You All about ECB & You Explainers Key things to know about the ECB ECB and beyond Our currency, the euro Making payments Monetary policy Unconventional monetary policy instruments Banking supervision Climate change and the ECB Test your knowledge Youth initiatives Girls' IT Bootcamp Financial literacy in Europe The gender gap in financial literacy Everyone needs stability ECB & You broadcasts ECB in Frankfurt Ask us Visit us Main building Careers Careers All about careers Vacancies Who we are About the ECB Meet our people Life in Frankfurt Why we value diversity Women@ECB Diversity networks What we offer Benefits & rewards Contract types Fixed-term Short-term ESCB/IO Other Traineeship Graduate programme ECB Scholarship for Women ECB Scholarship for Ukrainian graduates How you can join us How to apply How we hire You have been selected, what next? Fixed-term employee Short-term employee Trainee Cost-free secondee FAQs Search Menu ANYTIME PAST MONTH PAST YEAR Search Options Image Preview Sort by ANYTIME PAST MONTH PAST YEAR Suggestions Home Media Explainers Research & Publications Statistics Monetary Policy The €uro Payments & Markets Careers Suggestions Sort by Relevance Date Piero Cipollone Member of the ECB's Executive Board INTERVIEW Interview with ilsussidiario.net Interview with Piero Cipollone, Member of the Executive Board of the ECB, conducted by Lorenzo Torrisi on 10 August 2026 24 August 2026 What can be done to try to strengthen European firms, now that they are once again facing challenges because of external shocks? First and foremost, we should try to capitalise on our advantages – the main one being the huge European Single Market. This can enable firms to expand their business, thereby achieving economies of scale that in turn reduce production costs – particularly in IT, finance and traditional manufacturing sectors such as the automotive sector. However, as is well documented in the reports by Mario Draghi and Enrico Letta, we are unable to exploit this advantage because of restrictions on the free movement of goods and services even within the European Single Market. They prevent firms from expanding and achieving the level of efficiency that would allow the EU to compete with the other global giants. Therefore, the first task is to remove these internal Single Market restrictions. I believe this is key. Before contemplating any other measures, we need to start making full use of existing opportunities by reducing barriers to the cross-border expansion of firms. In a market comprising 450 million of some of the world’s wealthiest consumers, this would allow champions to emerge that are equipped for production on a scale enabling them to compete at international level. So there still has to be scope for cross-border business combinations. Yes. Of course, it should be up to firms themselves to decide, in accordance with European competition law, how to expand. It doesn’t necessarily have to be achieved by acquiring other firms. If the goal is to create a single European market, then European domestic demand is also of some importance. Domestic demand is clearly an important factor. And, as evidenced by the size of the euro area’s current account surplus, we know that there is still scope for domestic demand to grow without creating external imbalances. This lack of demand is probably related to the difficulty of investing in Europe, which in part is linked to what I was saying just now: when it’s difficult to expand in the European market, it also gets harder to increase investment. What role can the ECB play in strengthening the competitiveness of European firms? The ECB has the statutory task of maintaining price stability, which is part of macroeconomic stability. This is essential for enabling firms to prosper, because it reduces uncertainty and the associated costs. Price stability also leads to more stable nominal interest rates, so firms are better able to plan for their future. Currently there’s a risk of a rapid increase in cost-push inflation. In this scenario, could there be any drawbacks to increasing interest rates to stabilise prices? In the event of a supply side shock, such as the oil shock, hiking interest rates so as to stabilise inflation around the target could dampen economic growth that is already affected by a negative shock. For this reason, monetary policy action needs to be well calibrated. Moreover, central banks cannot do much to address increases in energy commodity prices, but they can ensure that these increases are not reflected in medium-term inflation expectations. In other words, they can anchor expectations so economic agents know that, despite short-term volatility, inflation will return to 2%, the macroeconomic environment will stabilise, and they can therefore plan their activities. Are you saying it is up to fiscal policy to try and reduce the temporary impact of the external shock? Yes, but such measures should be temporary, targeted and limited to whoever really needs them. Experience shows that they are usually very costly and difficult to implement in a way that avoids regressive effects that favour the wealthier members of society. Moreover, they don’t help to solve the underlying problem, which is structural dependence on fossil fuels. Eliminating this dependency, or at least reducing it, would thus be a forward-looking policy that would permanently protect households and firms from external shocks. So it’s a case of taking steps to ensure that within the energy mix, the share of sources of fossil fuels decreases while the share of sources of renewable energy increases? In fact, this is the argument that justifies interventions like the flexibility under the national escape clause for investing in energy security, as amended by the European Commission in early June. And I think this is a sound argument, especially because as we move in the direction of renewable energy, we strengthen the competitiveness of European firms by reducing their energy costs. Don’t forget that whenever the price of oil or natural gas goes up, more of the resources of European households and firms is transferred towards oil-producing countries. If the share of renewables in the European energy mix was increased, these resources could instead remain in Europe and be redistributed under appropriate fiscal policies. Inflation is a threat to household purchasing power. How can real wages be protected without subsequently triggering a wage-price spiral? An exogenous shock like the one that has hit Europe makes Europeans economically worse off through lower profits for firms and a reduction in real wages for workers. In this case, the response can only be to reduce dependence on imported energy commodities. More broadly, productivity is crucial for real wage growth. In the long term, growth in people’s material well-being depends on productivity gains. Going back to the initial topic we mentioned, does raising productivity boost firms’ competitiveness? Yes, but we need to be careful about what measures are taken to boost competitiveness. Paradoxically, competitiveness can also be increased by extending working hours while keeping wages unchanged, or by lowering safety standards, but I don’t think anyone wants to go down that road. Instead, the goal should be to increase output for given costs and safety standards by making better use of production facilities and enabling staff to be more efficient. So it’s not just firms that play a key role in this, but also the educational and training system? Absolutely. Training and the quality of education are both crucial, especially given the emergence of new technologies and the current and future role that artificial intelligence will play in the productive sector. At the start of the Strait of Hormuz crisis, some commentators compared the situation to the 1970s and raised the spectre of stagflation. Is there now a risk of economic stagnation in addition to a sharp increase in inflation? No one has a crystal ball, but I think that risk is rather remote. First of all, there are signs that the crisis could soon be resolved, and even the price of oil seems to reflect that. Moreover, the latest available data indicate that, although the European economy is slowing, it is proving to be more resilient than expected, while inflation remains in line with the baseline scenario of the most recent projections published last June and seems to be a long way from the adverse and severe scenarios. We will of course need to monitor changes in the macroeconomic environment, but for the time being there are no signs pointing to a scenario of stagflation. Last month the European Parliament approved the Regulation for the digital euro, which could be issued in 2029. However, concerns have been raised about the transaction-related data that the digital euro could generate compared with cash. Will the ECB be able to monitor payment habits and track how each citizen uses the digital euro? I think it’s important to clarify three points about the digital euro. First, it will not replace cash but will complement it, for example when conducting transactions where cash can’t be used, such as online purchases. The ECB has actually just launched a public consultation on the design of the new euro banknotes, and it wouldn’t make any sense to do this if it were planning to get rid of cash. Second, the digital euro is designed to function offline, and in that case, transactions will take place directly between individuals and the related details will only be available to the payer and the payee. What about the online functionality of the digital euro? This brings me to the third clarification that it’s important to make: the Eurosystem would not be able to identify the users making or receiving payments. Only the banks involved in the transaction would be able to do so, including for anti-money laundering purposes. Just as with any other bank transfer? No. At present, in the case of a bank transfer, all the transaction details are known to the parties involved in the transaction. The digital euro would guarantee greater protection for privacy. In practice, whether used online or offline, the Eurosystem would not be able to directly link specific individuals to digital euro transactions. The digital euro guarantees the maximum level of privacy that current technology can offer. Related topics Digital euro Central bank digital currencies (CBDC) Digitalisation European integration Inflation Monetary policy Fiscal policy Economic development Disclaimer Please note that related topic tags are currently available for selected content only. CONTACT European Central Bank Directorate General Communications Sonnemannstrasse 20 60314 Frankfurt am Main, Germany +49 69 1344 7455 media@ecb.europa.eu Reproduction is permitted provided that the source is acknowledged. Media contacts Are you happy with this page? Yes No What made you unhappy? Page not working Information not useful Design not attractive Something else Thank you for letting us know! Useful links About us Work with us Explainers Press photos Contacts Where to find us Using our site Disclaimer & Copyright Technical updates Responsible disclosure Corporate Policies Data Protection Privacy statement for the website Cookies policy Accessibility statement Language policy Site directory Copyright 2026, European Central Bank Follow us Our website uses cookies We use functional cookies to store user preferences; analytics cookies to improve website performance; third-party cookies set by third-party services integrated into the website. You have the choice to accept or reject them. For more information or to review your preference on the cookies and server logs we use, we invite you to: Read our privacy statement Learn more about how we use cookies I understand and I accept the use of cookies I do not accept the use of cookies Thank you! Thank you! We have updated our privacy policy We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies. See what has changed in our privacy policy I understand and I accept the use of cookies I do not accept the use of cookies Your cookie preference has expired We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies. Learn more about how we use cookies I understand and I accept the use of cookies I do not accept the use of cookies This feature requires cookies. Modify

Nøglefraser.

Fuld tekst.