By David Barwick – FRANKFURT (Econostream) – European Central Bank Executive Board member Piero Cipollone said Monday the final legal text on the digital euro could be completed by the end of 2026, allowing the ECB to decide on possible issuance.

Cipollone, in an interview with Portuguese daily Jornal de Negócios, said the European Commission, the Council and the European Parliament would start talks this month on the final text.

“We hope the text will be finalized by the end of the year, at which point we’ll be in a position to take a decision on the future issuance of the digital euro,” he said.

The European Parliament’s approval of its position last week was “a very important milestone,” Cipollone said.

The digital euro was not a divisive project, he said, citing approval by almost 70% of European Parliament members and a common position among EU member states in the Council.

“We are dealing with a highly transformative project and that’s why it’s important that it has strong democratic support,” he said.

Cipollone said the ECB aimed to be ready for first issuance in 2029, assuming the legislative process is completed by the end of 2026.

If the legislative process were delayed, the ECB would have to reassess the timetable, not the project, he said.

Under the current timeline, the ECB would launch a pilot phase in 2027, he said.