- The European Central Bank wants EU lawmakers to agree on digital euro legislation by the end of 2026 to keep a possible 2029 launch on track.
- The ECB plans to begin a 12-month testing programme in the second half of 2027.
- Delays in passing the law could postpone the launch and increase Europe’s dependence on foreign payment companies.
ECB Calls For Speedy Approval Of Digital Euro Legislation
The European Central Bank is warning that if legislation on the digital euro is delayed it could cause problems with its 2029 launch date. ECB Executive Board member Piero Cipollone has called for an agreement between European Union lawmakers by the end of this year. He added that having timely approval will give the ECB “legal certainty”.
Live today at 15:00 CET: Executive Board member Piero Cipollone appears before @EP_Economics to discuss how we are preparing the euro for the future, from our progress on the digital euro, to the new banknotes designs https://t.co/7Cos0ia4cM
@Europarl_EN https://t.co/5yL8k4DG1s
— European Central Bank (@ecb) November 10, 2026
Piero Cipollone told the European Parliament’s Committee on Economic and Monetary Affairs on Tuesday that the digital euro project relies on the regulation being approved. If there are any delays then it could cause the digital euro to be launched at a later date.
This could leave Europe even more reliant on foreign payment providers and make it difficult for European companies to compete in the digital payment space.
Launch In 2029?
The ECB is aiming to have the first digital euro issued in 2029, however this will ultimately be decided by the Governing Council. As long as the legislation gets approved this year then the ECB will aim to begin issuing the currency.
The central bank will begin a 12-month pilot scheme during the second half of 2027. Certain payment service providers and merchants will take part in the scheme to test out a beta version of the digital euro. This will help the ECB spot any issues.
European Parliament Progresses
Some progress has already been made with the European Parliament approving the economic affairs committee’s position on the legislation with 43 votes in favour and 14 against in June. The European Parliament approved the ECB’s negotiating position in July meaning talks can begin with member states.
However the project is also on the verge of a leadership change, as ECB President Christine Lagarde announced in October that she will be stepping down on February 7, 2027.
This means the next few months will be key for the digital euro. While the ECB is working on the technology and testing, it is very much dependent on lawmakers agreeing on the legislation. If there are any delays then it could mean the ECB’s plan to launch its own digital form of money in Europe is delayed again.
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