On Thursday 30 October, the Governing Council of the European Central Bank (ECB) gave the green light to the next phase of the digital euro project, marking the end of a preparatory phase that began in November 2023. The aim of this new stage is to complete the technical and organisational preparations for a potential first issue of the digital euro by 2029.
Subject to the adoption of EU legislation expected in 2026 (see EUROPE 13738/9, 13702/19), a pilot exercise could begin as early as 2027. The Eurosystem, which brings together all the institutions responsible for implementing monetary policy in the euro area, will now concentrate its efforts on three aspects: - development of technical infrastructures; - working with market players to test the system; - support for the ongoing legislative process.
On Thursday, the ECB published an update to its draft digital euro scheme rulebook, based on the lessons learned during the preparatory phase.
The ECB estimates the development costs of this European digital currency at around €1.3 billion between now and 2029, followed by €320 million a year for operations.
Further information on the draft rulebook: https://aeur.eu/f/j7y (Original version in French by Bernard Denuit)