European Central Bank Executive Board member Piero Cipollone said Tuesday that the ECB aims to unveil the standards for a potential digital euro by this summer, a move intended to help payment providers and merchants prepare their systems ahead of any issuance decision.
Speaking to European Union lawmakers, Cipollone said that once the standards are released, the ECB will work closely with market participants so they can begin integrating them into payment terminals and other solutions as soon as possible.
He added that finalizing the rulebook would allow new terminals and payment apps to launch with the required infrastructure already built in, giving European firms a head start once EU legislation — expected in 2026 — is in place.
Cipollone also noted that the ECB’s digital euro pilot, which opened to licensed payment service providers earlier in March, is set to run for 12 months starting in the second half of 2027. The pilot will test person-to-person and point-of-sale transactions in a controlled environment, as part of preparations for a potential rollout around 2029, pending legislative approval.
ECB says costs must be weighed against long-term benefits
Earlier ECB analysis suggested a digital euro could cost EU banks between 4–6 billion euros over four years — roughly 3% of their annual IT maintenance budgets, according to a Reuters report in February. Cipollone told lawmakers these costs should be considered alongside the longer-term benefits, such as retaining more merchant fees and strengthening European payment systems.
He reiterated that the digital euro is designed as public payments infrastructure, with private intermediaries like banks and payment service providers offering wallets and related services, rather than the ECB providing a direct-to-consumer product.
Cipollone said the aim is to establish pan-European payment rails that reduce reliance on international card networks, allowing co-badged cards and bank wallets to seamlessly switch between domestic schemes and the digital euro across the eurozone.
He also emphasized that the digital euro is intended to complement — not replace — cash and bank deposits. Accessibility has been a key focus, with features like voice commands and large-font displays being incorporated into the reference app design from the outset to ensure inclusivity.
Additionally, Cipollone noted the ECB’s intention to keep central bank money as the “anchor” of future wholesale markets. He pointed to initiatives like the Pontes project, which explores settling tokenized securities in central bank money across various distributed ledger platforms, and the Appia roadmap aimed at building a tokenized European financial ecosystem.
In a separate speech on Monday, he added that tokenized central bank money could potentially serve as the settlement asset for stablecoins and tokenized deposits.
