European Central Bank Executive Board member Piero Cipollone said the ECB expects to publish this summer the technical and interoperability standards it would use for a potential digital euro. The move is intended to give payment providers and merchants time to adapt terminals and systems ahead of any decision to issue the currency.
Cipollone told EU lawmakers that once the standards are released the ECB will work with market participants so they can begin embedding the specifications into payment terminals, apps and other solutions promptly. Finalizing the rulebook, he said, will let new terminals and payment apps ship with the necessary rails pre-integrated, helping European firms get a head start once EU legislation is in place—expected in 2026.
The ECB’s digital euro pilot will run for 12 months starting in the second half of 2027, Cipollone said. The pilot — for which the ECB opened a call for licensed payment service providers in March — will test person-to-person and point-of-sale payments in a controlled environment. The exercise is part of efforts to be technically ready for possible issuance around 2029, should lawmakers approve the legal framework.
On costs, Cipollone noted prior ECB analysis that estimated a digital euro could cost EU banks roughly €4–6 billion over four years, or about 3% of annual IT maintenance budgets. He stressed those costs must be weighed against long-term benefits such as capturing more merchant fees and strengthening European payment schemes.
Cipollone emphasized that the digital euro is intended as public payments infrastructure. Private intermediaries — banks and payment service providers — would offer wallets and customer services built on that infrastructure, rather than the ECB delivering a direct-to-consumer product.
The initiative aims to provide pan-European rails to reduce reliance on international card networks. That could allow co-badged cards and bank wallets to switch between domestic schemes and the digital euro across the euro area, supporting interoperability and competition.
The digital euro is designed to complement cash and bank deposits, not replace them. Accessibility is a priority: the reference app design will include features such as voice commands and large-font displays to ensure inclusive access.
Cipollone also stressed the role of central bank money as an anchor for future wholesale markets. He pointed to projects like Pontes, which tests settling tokenized securities in central bank money across different distributed ledger platforms, and the Appia roadmap for a tokenized European financial ecosystem. In a separate speech he outlined how tokenized central bank money could serve as a settlement asset for stablecoins and tokenized deposits.
The ECB plans to continue engaging with market participants as the standards and pilot move forward, aiming to align technical readiness with the expected legislative timeline.