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INFORME (COM(2023)0369 – C90219/2023 – 2023/0212(COD))

Sobre la propuesta de Reglamento del Parlamento Europeo y del Consejo relativo a la instauración del euro digital

A-10-2026-0185

Comisión de Asuntos Económicos y Monetarios · Rapporteur: Fernando Navarrete Rojas

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✦ In short · AI summary of this text, generated 4 Sept 2026

Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.

Parliament's amended version of the proposed regulation establishes the digital euro as a retail central bank digital currency complementing cash, laying down rules on its issuance, legal tender, distribution, use, privacy and technical features. The digital euro will have legal tender status with mandatory acceptance, subject to exceptions for small and micro enterprises, non-profits, and certain natural persons, and will be free for basic services. The European Central Bank will authorise issuance, conduct pilot testing, and set holding limits, with an overall ceiling set by the Commission via delegated act. Fees for merchants and between payment service providers will be subject to euro-area uniform caps, with a possible shift to a cost-based model after review. Privacy is protected: offline transactions are not monitored, and the ECB cannot identify users from settlement data.

Committee position. The Committee on Economic and Monetary Affairs proposes that Parliament adopt its position at first reading, amending the Commission proposal as set out in the report.

Key points

  1. The digital euro is established as a digital form of the single currency, available to natural and legal persons, issued by the ECB or national central banks as a direct liability.
  2. The ECB has the exclusive right to authorise issuance, must announce the date at least two years in advance, and conduct a roll-out phase of at least 24 months.
  3. Before issuance, the ECB must conduct pilot testing covering online and offline functionalities, including with vulnerable groups, and publish a report on results.
  4. The digital euro has legal tender status, meaning mandatory acceptance at full face value, with exceptions for small/micro enterprises, non-profits, and certain natural persons.
  5. Payees subject to mandatory acceptance cannot refuse digital euro, and payers can choose between online and offline payment.
  6. Basic digital euro payment services for natural persons must be free of charge, including opening, holding, and using an account.
  7. The ECB must define quantitative holding limits for natural persons, with an overall ceiling set by the Commission via delegated act, reviewed every two years.
  8. Legal persons cannot hold digital euro except temporarily for up to 24 hours for batch defunding, or during network disruptions.
  9. Merchant service charges and inter-payment service provider fees are subject to euro-area uniform caps, calculated based on comparable digital means of payment.
  10. The Commission must review the fee model within five years of issuance and may adopt a cost-based compensation model if it results in lower fees.
  11. Offline digital euro transactions are private: payment service providers do not process transaction data, only funding and defunding data.
  12. The ECB and national central banks cannot identify individual users from settlement data, and the settlement infrastructure must be designed to prevent such identification.

Who is affected

  • Payment service providers distributing the digital euro must offer basic services free to natural persons and provide acquiring services to merchants.
  • Merchants subject to mandatory acceptance must accept digital euro, but small and micro enterprises and non-profits are exempt unless they accept other digital payments.
  • Natural persons in the euro area, including vulnerable groups, can use basic digital euro services without charge.
  • Legal persons are generally barred from holding digital euro, except for temporary holdings up to 24 hours.
  • Original equipment manufacturers of mobile devices must provide access to hardware for digital euro services on fair terms.

Figures and deadlines

  • Roll-out phase of at least 24 months after authorisation of issuance.
  • Legal persons may hold digital euro for a maximum of 24 hours for batch defunding.
  • Commission must adopt delegated act on overall ceiling within three months of ECB recommendation.
  • Overall ceiling reviewed at least every two years.
  • Commission review of fee model no later than five years after issuance.
  • Commission must adopt implementing act on cost-based model one month after report.

Legal basis: Article 133 of the Treaty on the Functioning of the European Union