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The European Union’s much-anticipated digital euro launch is now projected for mid-2029, according to European Central Bank (ECB) Executive Board member Piero Cipollone. Speaking at the Bloomberg Future of Finance event in Frankfurt, Cipollone acknowledged the revised timeline marks yet another delay for the EU’s central bank digital currency (CBDC).
“The middle of 2029 could be a fair assessment,” — Piero Cipollone, Executive Board Member, European Central Bank.
The delay underscores the growing complexity of aligning 27 member states, lawmakers, and regulators around a single project aimed at bolstering Europe’s financial sovereignty in the face of competition from U.S. dollar-backed stablecoins.
While the ECB has been spearheading technical research and pilot studies, the decisive factor for the digital euro launch lies with the European Parliament. Cipollone stressed that political agreement is still missing, with legislation stalled at the parliamentary level.
“We should arrive at a general approach, as they call it, an agreement among member-states by the end of the year,” Cipollone said, noting that lawmakers are not expected to take a formal position until May 2026.
The delay highlights how political consensus rather than technological readiness is the main obstacle to Europe’s CBDC efforts.
Just last week, EU finance ministers reached a compromise on the broader digital euro framework, including provisions for holding limits to avoid destabilizing the banking system. The agreement ensures that before the ECB moves toward issuance, member states will have another chance to weigh in.
“The compromise that we reached is that before the ECB makes a final decision in relation to issuance […] there would be an opportunity for a discussion in the Council of Ministers,” — Paschal Donohoe, Irish Finance Minister and Eurogroup President.
This approach reflects the political sensitivity surrounding the digital euro launch, where concerns over monetary control, privacy, and the role of commercial banks remain unresolved.
Despite the projected 2029 launch date, momentum continues at the institutional level. According to an ECB spokesperson, a member of the European Parliament (MEP) will deliver a progress report on the digital euro on October 24.
Following the report, lawmakers will have six weeks to propose amendments, followed by a five-month debate window. Cipollone emphasized this process will be critical in shaping the legal framework ahead of the digital euro launch.
While the ECB has already completed a two-year investigation phase and is preparing for pilot testing, political decisions will dictate whether progress can accelerate or stall further.
Analysts note that the digital euro is not just a technological project but a geopolitical one. With the U.S. consolidating influence through dollar-denominated stablecoins, European officials see the digital euro launch as essential for maintaining monetary independence.
However, skeptics argue that repeated delays weaken Europe’s competitive edge. Some warn that by 2029, private stablecoins and rival CBDCs, such as China’s digital yuan, could dominate cross-border settlements, limiting the euro’s influence.
If approved, the digital euro launch would introduce a CBDC designed for retail and wholesale use, with strict privacy safeguards and usage caps to prevent bank disintermediation. The ECB insists the project will complement not replace cash, ensuring inclusivity across the eurozone.
Still, with legislative hurdles, pilot testing, and infrastructure rollout ahead, the 2029 target may remain fluid. For now, investors, policymakers, and businesses must prepare for a prolonged wait before Europe’s digital currency ambitions materialize.
Analysts note that the digital euro launch could also reshape Europe’s stance in the global CBDC race, where countries like China with its digital yuan are already years ahead. Whether Europe can catch up will depend not only on political consensus but also on the ability to build trust among citizens, businesses, and banks in adopting a new form of sovereign money.
