📅 The timeline so far
2021 - Research begins
The ECB launches the digital euro research phase. Studies, advisory groups, first prototypes.
2023 - Commission proposal
The European Commission submits a legislative proposal. The ECB begins the preparation phase.
2024 - First friction
The European Parliament demands changes. The banking industry voices strong objections.
2026 - Deadlock
Negotiations have stalled. Disagreements on critical issues threaten the timeline.
⚠️ The 4 major sticking points
🔒 Privacy vs Anti-Money Laundering
DISAGREEMENTHow much anonymity is acceptable? Privacy advocates want offline transactions without traceability. Authorities want full monitoring to prevent money laundering. The final limit remains unclear.
🏦 Role of the Banks
TENSIONBanks fear being excluded from the payments chain. The ECB says they will distribute the digital euro, but what do they gain? The business model remains unclear.
💰 Transaction Limits
OPENThe ECB proposes a €3,000 limit per transaction. Some want it lower (€1,000), others higher (€10,000). The overall holding limit (€3,000) is also contested.
🌍 Geopolitics
UNDERLYINGThe digital euro is also a geopolitical tool — a response to the digital yuan and USDC. The delays are leaving the EU behind in the global CBDC race.
🎭 The players and their positions
European Central Bank
Wants the digital euro as soon as possible. Concerned about euro sovereignty.
IN FAVOREuropean Parliament
Divided. The left wants privacy, the right is worried about surveillance.
DIVIDEDBanking Union
Opposes the current form. Demands guarantees for its role.
AGAINSTFrance & Germany
Different priorities. France more ambitious, Germany more cautious.
TREND🇬🇷 What it means for Greece
Greece had prepared for a pilot in 2027. The delays in Brussels mean:
Delayed adoption — we don't expect a digital euro before 2028-2029
Greek banks have more time to prepare
IRIS and the gov.gr Wallet continue progressing normally as alternatives
🔮 Outlook
The digital euro isn't dead — but it won't arrive when we expected. The Commission hopes for an agreement by the end of 2026, but the political hurdles are significant.
Meanwhile, China pushes ahead with the e-CNY, the US is exploring a digital dollar, and stablecoins are gaining ground. The EU can't afford the luxury of delay.
The digital euro will come. Just not as fast as promised.
OnOff EU Affairs
We monitor developments in European digital policy.
