EU member states want to reach a final agreement on introducing the digital euro before the end of this year. This comes from Finance Minister Heinen, who reported on the Ecofin Council held earlier this month in Luxembourg. According to Heinen, the ambition is to reach a final agreement before year-end.
Ecofin is responsible for economic policy, tax matters and the regulation of financial services. It consists of the economic and finance ministers of the member states. The digital euro is regularly on its agenda.
European legislation is shaped through a trilogue, in which the European Commission, the European Parliament and the Council of the EU negotiate, each with its own position. Member states already agreed to a proposal for the digital euro last year. The European Parliament voted in favour of developing it in July of this year, and trilogue negotiations have taken place since.
Late last year, the European Central Bank (ECB) said it wants to run a test with the digital euro in 2027. A definitive rollout could then follow in 2029. According to the ECB’s own website, no decision on issuing the digital euro has been taken yet. That decision will only follow once Brussels has reached a conclusion.
If you work in finance, payments or compliance, these negotiations are worth following closely. The final agreement will set the framework for everything that comes next.
