In an introductory statement by Executive Board member Piero Cipollone to the European Parliament's Committee on Economic and Monetary Affairs, the European Central Bank highlighted two operational updates on the digital euro project: cooperation agreements signed in May 2026 with three European standard-setting organisations and preparations for a pilot expected to start in the second half of 2027. The ECB said the standards work should give the market early clarity on the technical basis for digital euro online payments and support the scaling of private European payment solutions across the euro area. It also reiterated that the digital euro and legal tender of cash proposals should advance as a single legislative package. The ECB plans to reuse existing European open standards for processing digital euro online payments, identified with market participants through the Rulebook Development Group. It said this should reduce dependence on proprietary standards controlled by international card schemes, allow merchants to incorporate the standards in terminal upgrade cycles and let payment service providers (PSPs) align their development plans. For the pilot, the call for expressions of interest from PSPs closed in mid-May 2026 and drew more than 50 applications, showing a balance across larger and smaller banks, acquiring and distributing PSPs, and country coverage. Selected PSPs are due to be announced in July 2026, development is expected to begin in the third quarter of 2026 and the pilot is scheduled for the second half of 2027. Cipollone said only the co-legislators can give the standards euro area-wide legal certainty by establishing a digital euro with legal tender status, and he urged timely progress on the Single Currency Package.
European Central Bank2026-06-03
European Central Bank updates digital euro standards and pilot plans after more than 50 applications from payment service providers
The European Central Bank outlined progress on the digital euro, including May 2026 cooperation agreements with three European standard-setting organisations and preparations for a pilot in the second half of 2027. It plans to reuse existing European open standards for online payments to reduce reliance on proprietary international card schemes and facilitate adoption by merchants and payment service providers. The ECB reiterated that the digital euro and legal tender of cash proposals should advance as a single legislative package and urged timely progress on the Single Currency Package.