ECB urges EU lawmakers to advance digital euro legislation

European Central Bank Executive Board member Piero Cipollone urged EU lawmakers on November 10 to conclude negotiations on digital euro legislation by the end of 2026, warning that delays could push back a possible launch targeted for 2029. The legislation has not been adopted, and the European Parliament and Council of the European Union have yet to reach a final agreement.

Cipollone made the appeal to the European Parliament’s Committee on Economic and Monetary Affairs. He said completing the Single Currency Package would provide the legal framework needed for the ECB to finish preparations. The package includes proposed rules for the digital euro and the legal-tender status of euro banknotes and coins.

The ECB says it aims to be ready for a possible first issuance in 2029 if lawmakers adopt the necessary legislation by the end of 2026. That date is a planning target, not a decision to issue the currency. The ECB Governing Council would determine whether and when issuance takes place after the legislation is in place.

The Parliament adopted its negotiating position on the digital euro proposal in July, following a committee vote in June. Negotiations between EU institutions...