ECB hopes to reach agreement on digital euro among EU countries by early 2026

The European Central Bank (ECB) hopes to reach a political agreement among the EU countries by early 2026 to issue a digital euro. The regulator will then need 2–3 years to launch the currency, says ECB board member Piero Cipollone. 

Financial turmoil following the election of Donald Trump as the US president has boosted the urgency of issuing the digital currency. The EU relies on large American companies for most digital payments, which is a potential financial vulnerability, Reuters informs.

According to Cipollone, the main hurdle in the process of launching the digital euro has been getting the political agreement from EU states, but this issue could be resolved before the summer. Nevertheless, work by the European Parliament could take slightly longer than initially anticipated, the official adds.

At the same time, French central bank chief Francois Villeroy de Galhau says Trump's policies are enhancing the ECB's determination to launch the digital currency.