Piero Cipollone, a member of the European Central Bank's (ECB) Executive Board, has emphasized the importance of removing internal Single Market restrictions to strengthen European firms. In an interview with ilsussidiario.net, Cipollone noted that the huge European Single Market can enable firms to expand their business and achieve economies of scale, reducing production costs. However, restrictions on the free movement of goods and services within the market prevent firms from expanding and achieving the level of efficiency needed to compete with global giants. Cipollone believes that removing these restrictions is key to allowing champions to emerge and compete at an international level. He also highlighted the importance of domestic demand, stating that there is still scope for it to grow without creating external imbalances. The ECB has a statutory task of maintaining price stability, which is essential for enabling firms to prosper. Cipollone noted that currently, there is a risk of a rapid increase in cost-push inflation, and in the event of a supply-side shock, hiking interest rates to stabilize inflation could dampen economic growth. He emphasized that monetary policy action needs to be well-calibrated and that 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. Cipollone also discussed the importance of reducing dependence on imported energy commodities and increasing productivity to protect real wages and boost firms' competitiveness. He noted that training and the quality of education are crucial, especially given the emergence of new technologies and the current and future role of artificial intelligence in the productive sector. Regarding the risk of economic stagnation and a sharp increase in inflation, Cipollone stated that it is rather remote, citing signs that the crisis could soon be resolved and that the European economy is proving to be more resilient than expected. The ECB has also launched a public consultation on the design of the new euro banknotes and is working on the development of a digital euro, which is designed to function offline and guarantee greater protection for privacy.