Italy’s leading banks have come out in support of the European Central Bank’s digital euro project, describing it as a key step toward strengthening Europe’s digital sovereignty, according to comments from Marco Elio Rottigni, General Manager of the Italian Banking Association (ABI).
Rottigni said the sector views the initiative positively but warned that the financial burden of implementing the new infrastructure must be distributed gradually, rather than frontloaded. Adapting existing banking systems to handle a central bank digital currency (CBDC), he explained, will involve significant upgrades in technology, security, and compliance, costs that banks want to phase in over time.
The ABI’s endorsement comes as European policymakers finally reach a fragile compromise on how to move forward with the project. Earlier this month, EU finance ministers, ECB President Christine Lagarde, and European Commissioner Valdis Dombrovskis agreed that national governments will have a formal say in whether a digital euro is launched, and how much citizens can hold in it. These limits are intended to avoid destabilizing bank deposits while ensuring public access to the currency.
While the details are still being negotiated, Italy’s banks see the digital euro as more than just a payment tool. To them, it represents a strategic pivot toward financial autonomy and a unified European payments ecosystem that can compete with foreign-dominated networks.