ECB Targets 2029 for Digital Euro Launch as EU Seeks Financial Independence

The European Central Bank has set 2029 as its definitive timeline for introducing a digital euro, according to board member Piero Cipollone. The proposed central bank digital currency (CBDC) will function as an online payment wallet directly backed by the ECB, marking a strategic shift away from reliance on U.S.-based payment systems like Visa and Mastercard.

Key EU institutions—the Parliament, Council, and Commission—are expected to finalize their positions by May 2026, paving the way for legislative groundwork. The ECB anticipates requiring up to three years of technical preparation post-legislation before launch. "This isn't just modernization—it's sovereignty," noted one Brussels insider, referencing the bloc's broader push for autonomy in finance, energy, and defense sectors.

Recent coordination among EU finance ministers signals accelerating momentum, with Friday's agreement on a unified roadmap. The initiative mirrors China's CBDC approach, which ECB President Christine Lagarde has publicly praised for its citizen-centric design—though privacy advocates warn programmable currencies enable granular transaction surveillance.