European Council Presses Co-Legislators on Digital Euro Legislation (European Council)
At its meeting on March 19, 2026, the European Council, the body comprising the heads of state or government of all European Union (EU) Member States, called on the EU’s two co-legislators, the European Parliament and the Council of the European Union (comprising Member State ministers), to conclude negotiations on the digital euro legislative proposal by end-2026. Although the European Council sets political direction and cannot itself pass legislation, its conclusions carry considerable authority. The deadline is consequential: the ECB has indicated that, assuming the regulation is adopted in 2026, pilot transactions could commence by mid-2027 and a first issuance could occur by 2029, with estimated development costs of approximately €1.3 billion. The ECB’s final decision on whether to issue a digital euro remains contingent on adoption of the enabling legislation. [European Council]
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