Overview
- The ECB Governing Council approved advancing the project after completing the preparatory phase that began in November 2023.
- Assuming the regulation is adopted in 2026, a pilot with first transactions could begin from mid‑2027 and the system would be ready for a possible first issuance in 2029.
- Development costs up to a potential first issuance are estimated at about €1.3 billion, with annual operating costs from 2029 around €320 million, which the Eurosystem expects to offset through seigniorage.
- The next phase focuses on core technical build‑out, engagement with payment providers, merchants and consumers, and continued technical support for the legislative process.
- Officials present the digital euro as a privacy‑preserving public complement to cash that strengthens European payment sovereignty, while critics warn about surveillance risks and argue for expanding private options such as Wero.