Cipollone sets conditional 2029 goal for digital euro issuance

The digital euro would complement cash, work online and offline and offer free basic consumer use.

Banks and supervised payment providers would distribute it.

Holdings would be limited and unremunerated; linked accounts would allow payments above those limits.

A 12-month pilot starts in the second half of 2027, with 36 providers selected from more than 50 applicants.

Cipollone cited dependence on non-European firms for all in-store card payments in 13 euro area countries.

Meanwhile, over 31 billion euro banknotes worth more than €1.6 trillion circulate.

Almost ten million people assessed ten proposed designs; two-thirds were under 35. The Governing Council expects a design decision around end-2026, with circulation from the early 2030s.

Existing notes remain valid.

Pontes launched on September 21, connecting distributed ledger platforms to TARGET Services for settlement in central bank money.

It settled a €1 billion European Stability Mechanism bond transaction in October.

Preparatory work in 2024 involved 64 participants, over 50 trials and almost €1.6 billion in settlements.

Round-the-clock availability is targeted for 2028.

Appia targets a 2028 blueprint for common standards and governance; its consultation drew 127 responses, with 90 percent offering contributions.