Overview
- The Governing Council laid out a sequence that would start pilot transactions as soon as mid-2027, with the Eurosystem preparing for a potential first issuance in 2029.
- The timetable is explicitly conditional on enabling legislation from the European Parliament, Council and Commission, without which no issuance decision can proceed.
- Officials present the digital euro as a public alternative to private, foreign-dominated payment networks to bolster Europe’s monetary autonomy and resilience.
- Lawmakers and banks are pressing for safeguards such as individual holding limits and warn about setup burdens and deposit outflows, while the ECB estimates industry implementation costs at €4–5.77 billion.
- Preparatory work continues beyond the formal phase, with key design questions still unresolved, including privacy versus AML checks, offline use and whether balances would bear interest.