The Focus Session on the digital euro outlined the pilot’s objectives, timeline, and payment service providers (PSPs) selection process. In November 2025, the ECB announced its plan to launch a call for expressions of interest in 2026, inviting European payment service providers to join a digital euro pilot expected in the second half of 2027. The event was designed for all stakeholders, including PSPs, technical service providers, merchants, and consumers interested in learning more about the digital euro pilot.

The webinar presented the second annual ESMA market report on crowdfunding, based on data we receive from National Competent Authorities (NCAs) under the European Crowdfunding Service Providers for Business Regulation. The reference year for the data is 2024. Across the EU that year, 181 crowdfunding service providers raised over EUR 4bn of crowdfunding. In total, 21 Member States hosted at least one active provider. More details on the event page: https://www.esma.europa.eu/press-news/hearings/webinar-2025-market-report-crowdfunding-eu

Illumination of the ECB headquarter in Frankfurt with President Christine Lagarde's message welcoming Bulgaria to the euro area.

The digital euro project’s Evelien Witlox answers three questions about the digital euro: 👉 What would it mean for people? 👉 How would the digital euro improve payments? 👉 What’s coming next for the project? 🎥 Watch the interview to learn more!

The euro family is growing. Bulgaria is gearing up to adopt the euro. But what hopes and fears come with the transition? And were there similar feelings in other countries? To explore these questions, our podcast team spoke with content creators Mihaela, Elena and Stefan (also known as Chefo) to hear their perspectives on the transition. Meanwhile, in the podcast studio, our host Stefania Secola explored the topic with ECB researcher Ferdinand Dreher, who shed light on why public sentiment towards the euro tends to improve once people start using it in their everyday lives. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Recorded on 11 and 16 December. Published on 22 December 2025. In this episode: 00:53 Looking back at Germany’s adoption of the euro Ferdinand shares his personal memories of Germany’s transition to the euro. 04:46 What are the biggest concerns around Bulgaria’s euro adoption? Concerns arise with every major change. We asked three Bulgarian content creators – Mihaela, Elena and Stefan (also known as Chefo) – about their biggest concerns regarding euro adoption. 08:00 What does the research show? What do surveys reveal about people’s concerns? What are the biggest concerns, and what are the initial inconveniences of the transition? 13:07 What are the biggest hopes around Bulgaria’s euro adoption? Alongside fears, there are also hopes. Mihaela, Elena and Stefan share their perspectives on the positive aspects of euro adoption. 15:55 How do people’s feelings evolve after adoption? Surveys show a significant shift in sentiment from the last survey before adoption to the first survey after adoption. What drives this change? Does clear communication play a key role? 20:13 What about Eurosceptics? Does Euroscepticism persist after adoption? 21:30 What about concerns around national identity? Do people feel that their national identity is under threat? Euro coins have a European side and a national side – does this help? Can European and national identities coexist? 23:53 Concerns are normal, but benefits will come What is the message for countries who may adopt the euro in the future? 25:26 Our guest’s hot tip Ferdinand shares his hot tip with listeners. Blog post by Ferdinand Dreher and Nils Hernborg “Love at second sight: support for the euro before and after adoption” https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20251104~cf577c8f68.en.html Design of the euro coins – Bulgaria https://www.ecb.europa.eu/euro/coins/html/bg.en.html Bulgaria on the doorstep of the euro area https://www.ecb.europa.eu/euro/changeover/bulgaria/html/index.en.html ECB Instagram https://www.instagram.com/europeancentralbank/

As the year comes to a close, Chairman Paul Atkins and colleagues from across the agency share warm wishes and gratitude for the opportunity to serve the American public. Wishing you a safe, healthy, and happy holiday season, and all the best in the year ahead. *** About The Securities and Exchange Commission *** The mission of the Securities and Exchange Commission (SEC) is to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. The SEC strives to promote a market environment that is worthy of the public's trust. Follow the SEC: Twitter: https://twitter.com/SECGov Facebook: https://www.facebook.com/SECGov LinkedIn: https://www.linkedin.com/company/us-securities-and-exchange-commission