Italy's banking sector is backing the European Central Bank's digital euro plan, yet requests that the costs be spread over time. The ECB has committed to the project with a target launch in 2029, aligning with Euro Summit discussions. EU leaders called for “accelerated progress” on the digital euro at the October 2025 Euro Summit.
Italian Banks Push for Legislative Readiness
Italian Banks are pushing for legislative readiness by 2026, underscoring the digital euro's impact on European payment systems and the potential reshaping of financial landscapes.
ECB Targets Digital Euro Launch by 2029
Piero Cipollone, an ECB board member, indicated that discussions with member-states are positive. Regarding the digital euro launch timeline, he remarked:
The discussion at the level of member-states is going very well. The middle of 2029 could be a fair assessment for the digital euro launch, contingent on legislative agreement by end-2025.
Christine Lagarde, ECB President, emphasized speeding up efforts. Official ECB communications highlight progress on the digital euro initiative.
Impact on European Payment Systems
Italian banks' support underscores the project's potential impact on European payment systems. There is no explicit endorsement from bank leaders on social media, focusing mainly on legislative readiness by 2026 per ECB timelines.
The digital euro could reshape financial, regulatory, and technological landscapes across Europe. ECB's innovation platform with banks and tech firms emphasizes technical readiness. The Bank of Spain's project calendar tracks key milestones for implementation. Centralized by design, it might indirectly affect crypto assets such as BTC and ETH in Europe.
Monetary Sovereignty and Regulation
Europe's drive for a digital euro mirrors China’s CBDC rollout, highlighting monetary sovereignty concerns. The rise of stablecoins like USDC sparked regulatory focus, similar to this project's goals. Large-scale efforts like SEPA informed the digital euro's evolution.
Experts suggest the digital euro's centralization offers economic security while challenging existing payment methods. Historical trends imply that government-backed digital currencies may influence the cryptocurrency market, shifting eurozone dynamics over time.