European Central Bank Executive Board member Piero Cipollone stated that the digital euro is essential for maintaining the bloc's sovereignty over payment infrastructure. Currently, Europe relies heavily on non-European third-party providers for essential payment services, which creates strategic vulnerabilities. According to Cipollone, approximately two-thirds of card transactions within the euro area are processed by non-European companies.
The ECB plans to begin testing real transactions with staff members in 2027. Preparations are currently underway with 36 market operators, including seven from Italy, and the bank is actively inviting e-commerce and mobile-commerce firms to join the initiative. The goal is to establish a payment system that allows Europe to rely on its own infrastructure while maintaining the ability to choose partners.
The official launch of the digital euro could occur as early as 2029, provided that the necessary legislative framework is finalized. The ECB expects the regulation to be adopted by the end of 2026, which would then allow the Governing Council to make a formal decision regarding the issuance of the digital currency.
