In remarks at a policy breakfast hosted by I-Com, European Central Bank Executive Board member Piero Cipollone set out the case for a digital euro as a pan-euro-area public payment option that would complement cash and work across payment situations, including online and offline. He framed the project as a response to Europe’s reliance on non-European payment infrastructure, arguing that strategic autonomy and resilience in everyday payments have become more urgent as consumer payments move further into digital channels. Cipollone said 15 of 21 euro area countries do not have a significantly used domestic solution for digital payments in shops, while nearly two-thirds of euro area card transactions are processed by international card schemes. He said the digital euro would give consumers another way to pay with privacy and accessibility features, help merchants through lower fees, stronger negotiating power and instant receipt of funds, and allow payment service providers to retain client relationships under a compensation model. He also said it would provide pan-European acceptance infrastructure and common standards that domestic and regional private solutions could use to expand across borders without heavy investment. On implementation, he said the Eurosystem plans a 12-month pilot in the second half of 2027 in a controlled environment using real-world transactions. More than 50 payment service providers have applied, screening is underway and the selection outcome will be announced in July. He also said the ECB Governing Council will consider whether to issue a digital euro only after the relevant legislation has been adopted, with the Council of the European Union having agreed its negotiating position and the European Parliament expected to reach a conclusive position in the coming weeks.
European Central Bank2026-06-18
European Central Bank outlines second half of 2027 digital euro pilot and says issuance depends on EU legislation
In a speech, European Central Bank Executive Board member Piero Cipollone said the digital euro is intended to reduce Europe’s reliance on international card schemes by providing a pan-euro-area public payment option that complements cash and works online and offline. He said the Eurosystem plans a 12-month pilot from the second half of 2027, with more than 50 payment service providers applying, and that the ECB Governing Council will consider issuance only after EU legislation is adopted.