The European Central Bank’s (ECB) long-awaited digital euro project may not see the light of day until mid-2029, according to Executive Board member Piero Cipollone.
Speaking at Bloomberg’s Future of Finance event in Frankfurt on Tuesday, Cipollone noted that “the middle of 2029 could be a fair assessment” for the potential launch date. He added that the ECB continues to hold extensive discussions on the subject with EU member states.
Parliamentary Delays
Cipollone emphasized that the European Parliament remains the primary hurdle to moving the digital euro forward. Legislative approval is required before the project can progress.
“We should arrive at a general approach — an agreement among member states — by the end of the year,” he said. However, the Parliament is not expected to finalize its stance on the digital euro until May 2026.
His remarks follow a recent compromise reached by EU finance ministers regarding the CBDC roadmap. The agreement includes limits on individual holdings and ensures that the Council of Ministers will have the opportunity to weigh in before the ECB makes any final decision on issuance.
Next Steps for the Digital Euro
Despite the extended timeline, preparations are ongoing. The ECB is expected to decide in October whether the project will move into its next phase. On October 24, a Member of the European Parliament (MEP) is scheduled to present a progress report on the initiative.
Once the report is delivered, lawmakers will have six weeks to propose amendments, followed by five months of discussions. This process could play a critical role in shaping the eventual framework for Europe’s first central bank digital currency.
If Cipollone’s forecast proves correct, the digital euro would debut nearly a decade after the concept was first floated, underscoring the complex political and regulatory hurdles Europe faces in balancing innovation with financial stability.
