Overview
- The European Parliament's ECON committee approved its negotiating position on June 23, 2026, formally opening trilogue negotiations between the Parliament, EU member states and the European Commission.
- Lawmakers backed two versions of the digital euro, an online system and an offline mode that works without internet, while excluding full anonymity but promising strong privacy protections.
- The ECB says it aims to run a pilot around mid-2027 and begin issuing the digital euro in 2029 if the legislation is agreed this year.
- Banks and the European Banking Federation warn of high implementation costs and possible deposit migration, citing an €18 billion industry cost estimate that the ECB disputes with a lower €4–5.8 billion figure.
- The project is pitched as a tool for European payment sovereignty because roughly two-thirds of card payments in the euro area are currently processed by non-European firms, and users would hold digital euros in dedicated accounts at banks or authorised public entities.