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Piero Cipollone
Member of the Executive Board
European Central Bank
Piero Cipollone has been a member of the Executive Board of the European Central Bank since 1 November 2023. He is responsible for the Directorate General International and European Relations, the Directorate General Market Infrastructure and Payments and the Directorate Banknotes. He also chairs the Eurosystem High-Level Task Force on Digital Euro, the Euro Retail Payments Board and the Euro Cyber Resilience Board for pan-European Financial Infrastructures. Before joining the ECB, Mr Cipollone was Deputy Governor of the Banca d’Italia and a member of the Board of the Italian Institute for the Supervision of Insurance. He also served as a member of the Coordination Group for the Cross-border payments programme at the Bank for International Settlements. He previously served as an Executive Director on the Board of the World Bank Group. Mr Cipollone is the author of several books. His papers have been published in international journals such as the American Economic Review, the Journal of the European Economic Association and the Journal of Policy Modeling.
Speaking at SFF 2026
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11:20am–12:05pmFri 20 NovFestival StageHall 1, Singapore EXPOPremium
Policy Rewiring
A Multi-Rail Future: What Should Come First?
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H.E. Chea SereyGovernorNational Bank of Cambodia
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Piero CipolloneMember of the Executive BoardEuropean Central Bank
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H.E. Sheikh Ahmed bin Khalid Al-ThaniDeputy GovernorQatar Central Bank
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Leong Sing ChiongDeputy Managing Director, Markets & DevelopmentMonetary Authority of Singapore
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Swaminathan JanakiramanDeputy GovernorReserve Bank of India
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Maha El DimachkiChief Executive Officer, GFTN SolutionsGlobal Finance & Technology Network (GFTN)Moderator
About this session
We are moving towards a multi-rail, multi-money world, where different forms of money and payment systems coexist. Interoperability matters, but so do the integrity and resilience of the financial system. How can policymakers advance these priorities together, and are there trade-offs to be made?
This session examines what it will take to build a trusted multi-rail financial system, and whether interoperability, inclusion, consumer protection and resilience can advance together — or whether some priorities must come first. With financial systems developing at different speeds across markets, the discussion asks where policymakers should focus their efforts today to deliver the greatest benefits for users and businesses. -
