The next steps

Following the results of the investigation phase and the first part of the preparation phase, on October 30, 2025, the ECB's Governing Council approved the launch of a new phase of the digital euro project.

This phase began on November 1, 2025, and focuses on three main development areas: technical readiness, market engagement, and support for the legislative process.

The Eurosystem's goal is to be ready for a potential issuance of the digital euro by 2029. This would allow anyone in the euro area to use a public means of payment - complementary to cash and private digital payment instruments - that is reliable and universally accepted for everyday transactions, both online and offline.

A pilot project, which will test initial transactions on a small scale, could start as early as mid-2027.
The Eurosystem will work even more closely with payment service providers (PSPs), as well as with representatives of merchants and consumers, to gradually move toward the initial issuance in a conscious and shared manner.

It will also maintain a continuous dialogue with the EU co-legislators and institutions on the project, providing technical input throughout the legislative process.

On June 28, 2023, the European Commission published a legislative package on the single currency, containing proposals on both the digital euro and the legal tender status of cash.

The Commission's package is currently under parallel discussion by the European Parliament and the Council of the European Union. The Governing Council can take a decision on the actual issuance of the digital euro only once the necessary legislative framework has been approved.

Previous phases of the project have produced extensive documentation available on the ECB's website.