Introductory assertion by Piero Cipollone, Member of the Government Board of the ECB, on the Committee on Financial and Financial Affairs of the European Parliament
Brussels, 3 June 2026
I’m happy to be again right here once more to debate the digital euro.
I’m inspired by the nice progress being made on the Single Forex Bundle negotiations by the ECON Committee, and I sit up for the European Parliament adopting its place on this vital initiative within the close to future.
Right this moment I’ll begin by addressing the vital concern of making certain entry to money, which you emphasised just a few months in the past in your decision on the ECB Annual Report.[1] I’ll then deal with two key updates on the digital euro undertaking since our final assembly in March: first, the agreements we now have signed with European standard-setting our bodies and, second, additional preparations for subsequent yr’s piloting train.
Strengthening individuals’s freedom to make use of money
Making certain that folks stay free to make use of money is on the core of our work as a central financial institution.
We due to this fact welcome the truth that the legislative proposals for the authorized tender of money and for the digital euro have been handled as a single package deal. This reinforces the notion that euro money and digital euro are the identical cash – they only use totally different applied sciences.
We strongly assist the proposal on the authorized tender of money because it safeguards its acceptance and availability and eventually aligns money insurance policies throughout the euro space.[2]
Our dedication to money can be mirrored within the ongoing redesign of euro banknotes. The brand new design will likely be based mostly on both “European tradition” or “Rivers and birds”.[3] We count on to have selected the ultimate theme by the top of this yr. We’re making ready to concern the primary denominations of the brand new sequence of banknotes within the early 2030s. They are going to incorporate enhanced security measures and be produced utilizing extra sustainable supplies and manufacturing strategies.
As I mentioned, collectively, money and digital euro safeguard financial sovereignty and freedom of alternative when making funds.
Agreements with European standard-setters
Turning now to the digital euro, let me say just a few phrases about our work on requirements.
Requirements are the language of expertise, enabling cost playing cards, telephones and terminals to speak seamlessly. Similar to a shared spoken language permits individuals to know one another, requirements be certain that cost programs work easily, securely and throughout borders.
Right this moment, Europe closely relies on the proprietary requirements managed by worldwide card schemes.[4] This limits scalability for European options, as they’re depending on these non-European requirements. The European options have to both pay for the usage of these overseas requirements or persuade the service provider to make use of European requirements that at the moment have restricted attain, each of that are pricey and inefficient.
However the digital euro, due to its authorized tender standing, will present uniform open requirements throughout the euro space, making certain that each one cost playing cards, telephones and terminals communicate the identical European language that we now have created and personal ourselves. By leveraging the digital euro requirements, European non-public cost options will even have the ability to develop throughout the euro space and diversify use instances with out requiring additional technical terminal upgrades on the level of sale. That is one clear instance of how the digital euro enhances and advantages non-public options.
In Could we signed cooperation agreements with three European standard-setting organisations, thereby offering the market with early readability on the requirements that the digital euro will use and upon which non-public operators can already safely begin to construct their options.[5]
We are going to reuse these current European open requirements for processing digital euro on-line funds. The requirements have been recognized in shut cooperation with market individuals by way of the digital euro Rulebook Improvement Group.[6]
This early readability has speedy advantages in that it reduces adaptation prices for the market and facilitates coordinated adoption. For example, retailers need to periodically replace their cost terminals, to allow them to already take these requirements under consideration of their subsequent improve cycle. Fee service suppliers (PSPs) can align growth plans for their very own cost options accordingly.
Nonetheless, technical readability alone isn’t sufficient. Solely the co-legislators can present authorized certainty that these requirements will apply throughout the euro space by establishing a digital euro that has authorized tender standing.
Well timed progress on the legislative framework is due to this fact important.[7] It should permit the advantages of those requirements to materialise and European gamers to scale up even earlier than the digital euro is issued, thereby contributing to our autonomy in funds.
Choosing individuals for the digital euro piloting train
We’re additionally making ready for the piloting train.
This train will use the infrastructure we’re creating, validate its performance in real-world situations and permit us to gather suggestions from all individuals.[8]
In latest months we now have revealed supporting documentation on our web site and actively engaged with market individuals curious about becoming a member of the pilot.[9]
In mid-Could, we closed the decision for expressions of curiosity for PSPs wishing to take part.[10] We obtained greater than 50 purposes, which we at the moment are evaluating. The purposes obtained present a very good stability throughout enterprise fashions, together with smaller and bigger banks, buying and distributing PSPs and nation protection.
We are going to announce which PSPs have been chosen in July, with a view to beginning growth within the third quarter of this yr. The pilot itself is anticipated to begin within the second half of 2027.
Conclusion
Let me conclude.
On 1 January 2027 we are going to mark the twenty fifth anniversary of euro banknotes and cash coming into circulation. Ending trilogues and adopting the Single Forex Bundle by then – together with each the authorized tender of money and digital euro information – would ship a powerful, symbolic message that money and the digital euro are two sides of the identical coin. It could present how the cash we concern in Europe evolves so individuals’s freedom to pay stays – be it with bodily money or a digital euro.
I now sit up for your questions.
