The European Central Bank’s Governing Council has taken several decisions related to the digital euro project. On 15 September 2026, the ECB invited e-commerce and mobile commerce merchants in the euro area to join the digital euro pilot, with applications due by 27 October 2026. A second call on 28 September 2026 sought private companies to explore how digital euro infrastructure could support innovation, with a deadline of 9 November 2026. These follow a July announcement that usability and accessibility testing will begin in 2027.
In regulatory matters, the Governing Council approved the ESCB’s response to the European Commission’s targeted consultation on reviewing the Markets in Crypto-Assets Regulation (MiCAR) on 7 September 2026. The response supports assessing improvements to ensure MiCAR remains fit for purpose amid evolving market dynamics. Additionally, on 24 August 2026, the ECB adopted Decision ECB/2026/22 identifying the Visa Europe Payment System as a systemically important payment system under Regulation (EU) 2025/1355, placing it under Eurosystem oversight with the ECB as lead overseer.
Other key developments include amendments to legal acts implementing the Eurosystem monetary policy framework, adopted on 22 September 2026, effective from 30 November 2026. The Governing Council also noted progress on interlinking TARGET Instant Payment Settlement (TIPS) with global fast payment systems and approved an assessment of feasibility for linking with Brazil’s Pix system. Furthermore, the ECB published results of its 2026 geopolitical risk reverse stress test covering 110 euro area banks on 31 July 2026.
The simultaneous advancement of the digital euro pilot and the formal designation of Visa Europe as a systemically important payment system signals a dual-track approach to modernizing the European financial infrastructure. By inviting merchants and tech innovators into the pilot phase, the ECB is actively seeking to validate the practical utility and integration capabilities of the digital euro before broader rollout. This move suggests a shift from theoretical design to operational testing, aiming to address potential adoption barriers early. Concurrently, bringing Visa under direct Eurosystem oversight reflects a tightening of regulatory scrutiny on major payment rails, ensuring that critical infrastructure meets stringent stability and compliance standards amidst growing competition from new digital assets and instant payment schemes.
The ECB’s response to the MiCAR consultation highlights a cautious but engaged stance toward crypto regulation. By welcoming the review process, the institution acknowledges that initial implementation lessons require adjustment to keep pace with market evolution. This indicates that while the ECB supports a structured regulatory framework for crypto-assets, it anticipates necessary refinements to maintain effectiveness. For institutional participants, this implies that the regulatory landscape for digital assets in Europe is not static; firms must prepare for potential updates to compliance requirements. The focus on 'fit for purpose' rules suggests future adjustments may target gaps identified during the first years of MiCAR enforcement, particularly regarding cross-border practices and emerging market dynamics.
