Project timeline

Beginning of a new phase

After successfully completing the preparation phase, the Governing Council of the ECB decided to launch a new phase, focused on developing the actions necessary to enable the practical rollout of the digital euro.

In this phase, work is expected to focus on three main areas: (i) technical preparation, that is, developing the practical foundations of the digital euro, including its initial configuration and defining a pilot; (ii) market interaction with payment service providers, merchants, and consumers to finalize the scheme, conduct further user research, and carry out the pilot; and (iii) support for the legislative process, providing technical assistance to the co-legislators.

Ongoing dialogue and collaboration with stakeholders are among the key pillars of the project. In this regard, the ECB maintains contact with all stakeholders, mainly through the technical sessions of the Euro Retail Payments Board (ERPB).

The start of this phase does not mean that a formal decision to issue a digital euro has been taken. The Governing Council of the ECB will not be able to decide on this matter until the legislative process has been completed.

Subject to the legislative process being finalised in 2026, the year 2029 is envisaged as a potential launch date for the digital euro. Furthermore, the Eurosystem is scheduled to conduct an internal pilot exercise in 2027.

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Preparation phase

In this phase, work has focused mainly on (i) advancing in the drafting of the digital euro rulebook with the support from the Rulebook Development Group and (ii) selecting providers that will develop the digital euro platform and infrastructure. Likewise, during this period the design of the digital euro was further developed by engaging with various user groups to better understand their needs, preferences and expectations, while completing pending technical analyses, such as those related to the offline solution.

The preparation phase concluded in October 2025 and lasted for approximately 24 months

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Legislative proposal

The European Commission put forward a legislative package to establish a framework for a digital euro that would allow its introduction. It is thus a prerrequisite for the Eurosystem to approve its issuance. The project will move in parallel to the legislative process and adjustments in the design could be introduced if needed, so it is aligned with the Regulation finally approved by colegislators.

• Legislative proposal on a digital euro.

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Investigation phase

The objetive of the investigation phase was to define the design of the digital euro and the way it could be distributed. Furthermore, a deeper analysis on the reasons that could justify its issuance and a protototyping exercise was performed. Lastly, a market research was organised to get an overview of options for the technical design of possible digital euro components and services, their cost and delivery times.

In this phase, the Eurosystem collaborated with European Institutions, as well as with various market players, mainly through the Market Advisory Group and the ERPB technical. Additionally, the Rulebook Development Group was established to elaborate the functioning rules for the digital euro. Lastly, focus groups with potential users were organised in order to know their preferences and needs.

The investigation phase of the digital euro lasted for 24 months and concluded in October 2023.

• Documentation of the investigation phase.

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Preliminary phase

The ECB published a report analyzing the factors that could justify the potential issuance of a digital euro and the characteristics to be considered. Between October 2020 and April 2021, the ECB conducted a public consultation on the benefits and potential design of a digital euro, as well as experimentation exercises in order to determine the potential and technical viability of different design options.

• Documentation of the preliminary phase.

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