ECB's Cipollone sets digital euro course: trilogue by year-end, pilot in 2027, issuance 2029

ECB Executive Board member Piero Cipollone lays out where the digital euro legislation stands, the financial-stability modelling behind holding limits, and how the wholesale Pontes and Appia initiatives fit. For compliance and treasury leads at euro-area banks, this is the clearest consolidated statement of timelines, distribution roles and deposit-outflow assumptions ahead of a potential 2029 first issuance.

• Trilogue negotiations under way; European Council wants them concluded by end of year, with potential first digital euro issuance in 2029.
• 12-month pilot begins H2 2027 with 36 payment service providers selected from more than 50 applications; merchant call opened 15 September.
• Pontes launched 21 September to settle tokenised transactions in central bank money, full implementation expected mid-2028; Appia blueprint due 2028.