The European Parliament’s Committee on Economic and Monetary Affairs (ECON) approved the regulation establishing a digital euro on 23 June, with 43 votes in favour, 14 against and one abstention. The decision authorises the Parliament to enter final negotiations with EU member states and the European Commission, a stage known as trilogues, with the aim of adopting the legislation by the end of the year. A plenary vote of the full Parliament is expected between 6 and 9 July, though the committee’s strong majority means the file could proceed directly to talks unless a political group objects. The European Central Bank (ECB) has indicated it will launch a twelve-month pilot programme in mid-2027, ahead of a full rollout in 2029.

Support within the Parliament came from the centre-right European People’s Party, the Socialists and Democrats, the liberal Renew group, the Greens and the Left, who framed the digital euro as a tool of strategic autonomy. Far-right groups, including Patriots, Europe of Sovereign Nations and the European Conservatives and Reformists, voted against the text. According to EU officials, the project is designed to reduce the eurozone’s dependence on non-European payment providers, chiefly the US firms Visa and Mastercard, which together handle nearly two-thirds of card transactions in the currency area. The ECB has welcomed the vote, while banking industry representatives, through the European Banking Federation, have warned that adapting systems could cost up to €18 billion and that the digital euro might trigger deposit outflows. The ECB disputes those figures, estimating investment costs at €4–5.8 billion, and says the design includes safeguards to prevent large-scale shifts of funds.
Viewed from Brussels, the push for a digital euro has gained urgency from what EU lawmakers describe as a deteriorating transatlantic environment. The return of Donald Trump to the White House brought tariffs on European allies and, in 2025, US sanctions against International Criminal Court judges that left a French magistrate unable to use his Visa card. European Commission and Parliament officials cite such episodes as evidence that payment networks can become instruments of geopolitical pressure. The expansion of dollar-denominated stablecoins, promoted by the US administration, has added to concerns that private digital currencies could further erode Europe’s monetary sovereignty. The digital euro, by contrast, would be a direct claim on the central bank, available to all eurozone residents via a free app or card, and usable both online and offline with privacy protections comparable to cash.
The project has been under development since 2020, with the Commission tabling a formal proposal in June 2023. Years of technical studies and political debate followed, including disagreements over whether the infrastructure should be led by the private sector; the final text places the ECB in charge. The regulation also reinforces the legal-tender status of physical cash, a concession to member states wary of a fully digital shift. Once the Parliament adopts its position, trilogue negotiations will begin, with the Council of the EU having already reached a common stance. The ECB will then select payment service providers and merchants for the pilot phase. Full legislative approval is expected before the end of 2026, keeping the 2029 launch target on track.