Preparatory Phase Extended as EU Lawmakers Seek Common Regulatory Ground
According to Agerpres, the European Central Bank (ECB) plans to roll out the digital euro by 2029, extending its preparatory phase while awaiting the necessary European Union legal framework.
Officials are expected to confirm the continuation of the project during the monetary policy meeting in Florence, as the ECB aims to strengthen Europe’s financial autonomy and modernize the payment system.
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The preparatory phase, launched in 2023, was designed to last two years, allowing time for the EU to pass the required legislation. However, negotiations remain stalled due to resistance from the European People’s Party (EPP), whose members favor private-sector solutions for digital payments.
EU policymakers warn that Europe’s reliance on U.S. payment giants like Visa, Mastercard, and PayPal poses strategic risks. Growing popularity of U.S.-backed stablecoins, supported by President Donald Trump’s administration, has further increased pressure on the ECB to accelerate its plans.
Christine Lagarde, ECB President, has called for faster progress to strengthen Europe’s strategic financial independence, a theme expected to be reflected in the bank’s upcoming statement.
The tentative mid-2029 launch date was first mentioned by Piero Cipollone, a member of the ECB Executive Board, as a “reasonable estimate.” Meanwhile, the ECB is also developing a wholesale digital euro to enable central bank settlement using Distributed Ledger Technology (DLT).
Photo: OMFIF
