Digital euro timetable unaffected by Lagarde exit, ECB adviser says
Negotiators are still discussing merchant fees as the European Central Bank prepares for a pilot in 2027 and targets readiness for issuance in 2029.
Work towards launching a digital euro will stay on schedule despite Christine Lagarde leaving the European Central Bank presidency early, an ECB adviser said in Lisbon. Speaking at the Web Summit, Alessandro Giovannini described the initiative as a strategic undertaking for Europe, not just the central bank.
Giovannini, adviser to the digital euro project's programme manager, cited preparations for a pilot and lawmakers' commitment to finish the legislation. Lagarde has set 7 February 2027 as her departure date, almost nine months before her mandate ends.
The European Parliament and EU governments entered three-way talks with the European Commission in July. EU leaders have called for negotiations to conclude by the end of 2026. Ireland, chairing the talks on behalf of member states, is reportedly targeting 18 November for an agreement, but the calculation of merchant fees remains unresolved.
Separately, the ECB is advancing technical preparations with the aim of being ready to issue the currency for the first time in 2029. A pilot lasting 12 months is due to start in the second half of 2027. The ECB selected 36 participating banks and payment companies in July, including Stripe, Deutsche Bank and UniCredit.
Giovannini said the ECB would make the common infrastructure available to banks free of charge. Development spending before initial issuance is estimated at around €1.3 billion, with yearly running costs of about €320 million from 2029. Those costs would fall to eurozone central banks.
On privacy, Giovannini said offline payments would leave no record identifying the sender and recipient, although lawmakers are negotiating limits to counter money laundering and terrorist financing. Banks would identify both parties in online payments; the ECB would see pseudonymised information only.
