Piero Cipollone of the ECB discusses the digital euro’s legislative process, benefits, and timeline, including negotiations, technical development, and implications for European citizens and banks.
In an interview conducted by Ricardo Jesus Silva on June 29, 2026, Piero Cipollone, Member of the Executive Board of the ECB, discussed the progress of the digital euro project.
The European Parliament approved the digital euro last week, with three draft legislations from the European Commission, the Council, and the Parliament. Negotiations are expected to conclude by the end of 2026, with the goal of issuing the digital euro in 2029, assuming legislative approval.
The ECB is satisfied with the Parliament’s stance, which aligns closely with the Commission’s initial proposal. The ECB emphasizes the importance of supporting the digital euro app for universal access, resilience, and high accessibility standards.
The digital euro is viewed as a unifying, secure, and accessible form of cash, with features like offline payments. It aims to enhance European payment sovereignty by reducing reliance on non-European systems and international networks, which process two-thirds of card payments in Europe.
Existing apps like MB WAY could incorporate digital euro functionalities, enabling seamless use across Europe. The project aims to strengthen Europe’s strategic autonomy and monetary sovereignty amid geopolitical tensions.
The digital euro will coexist with stablecoins, providing citizens with a choice of digital payment options backed by the central bank. The legislation will set a ceiling on holdings, estimated between €500 and €3,000, with the possibility of larger transactions through linked bank accounts.
Over 50 European banks and payment service providers have applied to participate in the pilot phase, which will begin in 2027, to test the digital euro’s design and functionalities.
