European Central Bank Executive Board member Piero Cipollone urged EU lawmakers Nov. 10 to finish talks on euro cash and digital euro rules by year-end, saying adoption would give the central bank legal certainty.
The Single Currency Package pairs proposed rules on cash’s legal-tender role with legislation for a possible digital euro. The ECB says a digital euro would provide another payment option alongside physical cash. Cipollone made his appeal at a hearing of the European Parliament’s Committee on Economic and Monetary Affairs in Brussels.
The July 9 vote advanced the digital euro proposal, not the package as a whole. Members of the European Parliament voted 416-169, with 22 abstentions, to move the digital euro file to negotiations. The euro cash file was uncontested and could proceed separately, according to the Parliament’s account. Cipollone said the vote gave “a strong democratic backing to the digital euro.”
After a Nov. 9 Eurogroup meeting, its president, Kyriakos Pierrakakis, said talks between the Council of the European Union and Parliament were entering their final stage, with a year-end agreement as the target. The European Commission’s One Europe, One Market roadmap also sets an end-of-2026 target. These are goals for an agreement; the legislation has not yet been adopted.
An ECB survey found that 92% of surveyed businesses accepted cash in 2026, compared with 90% in 2024. The survey covered 8,205 companies with physical locations in retail, restaurants and cafes, hotels, and arts, entertainment and recreation across the 21 euro area countries.
The ECB aims to be ready for possible issuance in 2029 if lawmakers adopt the regulation by the end of 2026. Its timetable allows for a pilot as soon as mid-2027, while the Governing Council will make the issuance decision after the legislation is adopted. EconoTimes previously covered the ECB’s digital euro pilot and possible 2029 issuance timetable. The next milestone is the targeted Council-Parliament agreement by year-end.
