Legislative delays push Europe’s CBDC roadmap further into the future
The digital euro, Europe’s long-planned central bank digital currency (CBDC), is now unlikely to launch before mid-2029, according to European Central Bank (ECB) Executive Board member Piero Cipollone.
Speaking at the Bloomberg Future of Finance event in Frankfurt, Cipollone said, “The middle of 2029 could be a fair assessment,” emphasizing that ongoing discussions among EU member states remain essential before progress can be made.
Legislative bottlenecks in Parliament
The ECB official stressed that the European Parliament remains the main hurdle to launching the digital euro, since legislation must be passed before the project can move forward. Cipollone noted that lawmakers are expected to form a general position by May 2026, but the broader approval process could stretch years.
“We should arrive at a general approach, as they call it, an agreement among member-states by the end of the year,” he explained, adding that formal legislative adoption will be necessary before the ECB proceeds to issuance.
EU compromise on digital euro limits
His comments follow a recent compromise among EU ministers, who agreed on a digital euro roadmap that includes restrictions on how much of the CBDC individuals can hold. Irish Finance Minister and Eurogroup President Paschal Donohoe said last week that before any issuance decision, “there would be an opportunity for a discussion in the Council of Ministers.”
Progress report expected in October
Despite Cipollone’s cautious timeline, the ECB continues advancing technical and legal preparations. An MEP is scheduled to deliver a progress report on October 24, according to an ECB spokesperson. Following the report, lawmakers will have six weeks to propose amendments and another five months for deliberations.
The digital euro was first proposed in 2020 as a tool to strengthen Europe’s financial sovereignty and provide a public alternative to private stablecoins. But as Cipollone’s comments highlight, the project faces years of political negotiation before reaching consumers.
If launched in 2029, the digital euro would debut nearly a decade after its introduction, underscoring the EU’s cautious approach compared to faster-moving global competitors.
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