"In an increasingly digital world exposed to new geopolitical and operational risks, we must protect the euro's availability for all Europeans at all times," Cipollone said.
A digital euro would complement physical cash, which remains essential for resilience and inclusion, and would provide another universally accepted means of payment, Cipollone said.
In terms of resilience, a digital euro would be backed by a technical infrastructure for processing payments that would be distributed and designed to ensure uninterrupted operations, would provide the flexibility to access accounts through an ECB app or switch to another bank if the user's bank is impacted by a cyberattack, and would deliver offline functionality to allow payments to be made when internet connectivity is disrupted, Cipollone said.
"Today, cash is our only true fallback, and we are strongly committed to ensuring that it remains available, accessible and accepted throughout the euro area," Cipollone said. "But as society increasingly moves away from cash, and as cash itself may be difficult to access in emergencies, especially if cash distribution networks are disrupted, we need to complement it with a digital version."
In terms of inclusion, a digital euro app would be designed to cater to vulnerable groups, such as people who are blind or partially sighted, are deaf or hard of hearing, don't own a smartphone or have limited digital literacy, Cipollone said. For example, the app may include voice commands, large-font displays, simplified workflows and other adaptive user interfaces.
"As public institutions, we must ensure that no one is left behind as we move to an even more digital economy," Cipollone said. "For decades, cash has been a cornerstone of financial inclusion -- offering accessibility, autonomy and trust. We cannot afford to lose these benefits through inaction."
It was reported in August that the EU is considering speeding up its efforts to launch a digital euro following the passage of a stablecoin law in the United States. The passage of that law has left EU officials concerned that dollar-backed stablecoins could become even more dominant than they already are in cross-border payments.