ECB Executive Board member Piero Cipollone warned EU lawmakers that delays in finalizing digital euro legislation could push back its potential 2029 rollout.

European Central Bank (ECB) Executive Board member Piero Cipollone called for European Union negotiators to reach a deal on digital euro legislation by year-end to keep a possible 2029 launch on track.

Speaking at the European Parliament’s Committee on Economic and Monetary Affairs on Tuesday, Cipollone said adoption of the regulation, part of the EU’s Single Currency Package, would give the ECB the legal certainty it needs to complete preparations.

“A delay in adoption could instead postpone the introduction of the digital euro,” Cipollone said, warning that a later launch could deepen Europe’s dependence on foreign payment providers and make it harder for European companies to compete.

The ECB aims to be ready for a potential first issuance in 2029 if the EU adopts the regulation this year. Its Governing Council will decide whether and when to issue the digital euro after the legislation passes.

The European Parliament’s economic affairs committee approved its position on the digital euro legislation in June in a 43–14 vote. Parliament adopted its negotiating position in July, clearing the way for talks with EU member states.

The ECB is preparing a 12-month pilot set to begin in the second half of 2027. Payment providers and selected merchants will test a beta version of the digital euro.

The warning comes as the ECB prepares for a leadership change. President Christine Lagarde announced in October that she would step down on Feb. 7, 2027, ahead of the planned pilot.

Related: ECB President Christine Lagarde to step down in February 2027