Overview

• Meeting in Copenhagen, ministers agreed the Council will discuss issuance and proposed holding limits before any ECB decision, according to chair Paschal Donohoe.
• Leaders said the project targets a pan‑European alternative to Visa, Mastercard and other foreign providers, with Christine Lagarde calling it a statement of sovereignty.
• Legislation from the Commission still awaits approval by the Parliament and Council, with ministers targeting a Council position by year‑end and the ECB estimating two and a half to three years of buildout after laws are passed.
• Banks and several lawmakers continue to warn about deposit flight, costs and privacy risks, while Parliament negotiator Fernando Navarrete remains openly skeptical.
• The ECB is stepping up outreach to lawmakers, and some reports say technical testing could wrap up by October 2025, although any rollout would depend on legislation and subsequent implementation.