30 October 2025

• New phase will ensure technical readiness for first issuance
• If legislation in place in the course of 2026, a pilot exercise could start in 2027 and the Eurosystem should be ready for a potential first issuance of the digital euro during 2029
• Preparation phase begun in November 2023 has successfully concluded

The Governing Council of the European Central Bank (ECB) has decided to move to the next phase of the digital euro project. This decision follows the successful completion of the preparation phase, launched by the Eurosystem in November 2023, which laid the foundations for issuing a digital euro.

The Governing Council’s decision aligns with European leaders’ request to accelerate progress on the digital euro, as recently stated at the October 2025 Euro Summit. A digital euro will preserve Europeans’ freedom of choice and privacy and protect Europe’s monetary sovereignty and economic security. It will foster innovation in payments and help make European…