The Road to a Digital Euro

The European Central Bank's (ECB) digital euro project aims to create a central bank digital currency (CBDC) to complement physical cash, modernizing payments while safeguarding privacy, monetary sovereignty, and financial stability.
The investigation phase (2021–2023) explored designs and impacts. The preparation phase (November 2023–October 2025) finalized the rulebook, selected providers, tested offline payments, and conducted user research. The ECB is now advancing technical readiness while awaiting legislation.
The European Commission's 2023 proposal outlined issuance rules, privacy, holding limits, and cash integration. After delays, the Council of the EU agreed its negotiating position on December 19, 2025, supporting online and offline functionality, free basic services, and measures to ensure the digital euro complements cash.
The European Parliament's Economic and Monetary Affairs Committee is finalizing its stance, with emphasis on strong privacy (some favoring offline focus). Trilogue negotiations with the Parliament, Council, and Commission will follow to adopt the regulation.
The ECB states preparations are complete but issuance needs the legal framework. If adopted in 2026, pilots could start mid-2027, with potential full issuance by 2029.
This milestone enhances Europe's autonomy amid growing private digital payments and foreign stablecoins, keeping public money accessible in the digital era. Upcoming negotiations will shape its final form.