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ECB Declares Digital Euro Ready as EU Council Backs Privacy-Focused Negotiating Mandate

With governments setting their stance, the next move rests with Parliament to authorize a legal‑tender retail currency under strict data protections.

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The euro sign is photographed in front of the former head quarter of the European Central Bank in Frankfurt, Germany, April 9, 2019. Picture is taken on slow shutter speed while the camera was moved. REUTERS/Kai Pfaffenbach
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Overview

  • Christine Lagarde said the ECB has completed the technical and preparatory work and urged the European Council and European Parliament to advance the Commission’s proposal.
  • The Council approved its negotiating position, strengthening privacy safeguards and paving the way for talks with Parliament on a framework for a central bank–backed digital euro.
  • EU governments’ text reinforces strict data segregation to prevent authorities from linking payments to individuals, while sketching merchant fee caps to help banks recover distribution costs.
  • The proposed currency is designed as a public, legal‑tender means of payment that supports financial stability, inclusion and resilience, with officials highlighting offline use and continuity during outages.
  • Lagarde pointed to MiCA’s oversight of stablecoins but warned about reserve composition risks, and some reporting notes a possible launch in H2 2026 contingent on legislative approval.