A ECB executive board member said the potential introduction of a digital euro ”would not to take over the role of banks,” but ensure they have a role in the EU’s monetary system.
ECB policymaker Piero Cipollone has cautioned that the potential introduction of a digital euro could lead to fragmentation in the European payment system, should alternative entities provide competing solutions. Cipollone emphasized that the ECB's objective is not to replace banks, but to equip them with the necessary infrastructure to thrive in the digital age.
The central bank plans to finalize the legislative process for a digital euro by the end of 2026, with a 12-month pilot program set to begin in the second half of 2027, potentially leading to issuance in 2029.
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