Sittings · Document

Draft report (COM(2023)0369 – C9-0219/2023 – 2023/0212(COD)) 2025-12-19

Establishment of the digital euro

Committee on Economic and Monetary Affairs

Official HTML ↗ PDF DOCX

AM_Com_LegReport

Amendment 282

Rada Laykova, Siegbert Frank Droese

on behalf of the ESN Group

Proposal for a regulation

–

Proposal for rejection

The European Parliament rejects [the Commission proposal].

Or. en

Justification

The proposal lacks demonstrated necessity, imposes significant public and private costs, raises unresolved privacy and financial stability concerns, and establishes technical infrastructures that may be misused by future administrations or private actors. In the absence of clear benefits and adequate safeguards, the proposal should be rejected.

Amendment 283

Jorge Martín Frías, Hermann Tertsch, Jorge Buxadé Villalba, Mireia Borrás Pabón, Margarita de la Pisa Carrión, Juan Carlos Girauta Vidal

Draft legislative resolution

Paragraph 1

Draft legislative resolution

Amendment

1. Adopts its position at first reading hereinafter set out;

deleted

Or. es

Amendment 284

Jorge Martín Frías, Hermann Tertsch, Jorge Buxadé Villalba, Mireia Borrás Pabón, Margarita de la Pisa Carrión, Juan Carlos Girauta Vidal

Draft legislative resolution

Paragraph 1 a (new)

Draft legislative resolution

Amendment

1a. Rejects the Commission proposal;

Or. es

Amendment 285

Jorge Martín Frías, Hermann Tertsch, Jorge Buxadé Villalba, Mireia Borrás Pabón, Margarita de la Pisa Carrión, Juan Carlos Girauta Vidal

Draft legislative resolution

Paragraph 2

Draft legislative resolution

Amendment

2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

2. Calls on the Commission to withdraw its proposal;

Or. es

Amendment 286

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Citation 1

Text proposed by the Commission

Amendment

Having regard to the Treaty on the Functioning of the European Union, and in particular Article 133 thereof,

Having regard to the Treaty on the Functioning of the European Union, and in particular Articles 128 and 133 thereof,

Or. en

Amendment 287

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 1

Text proposed by the Commission

Amendment

(1) The Commission emphasised in the Digital Finance and Retail Payment Strategies20 of September 2020 that a digital euro, as a retail central bank digital currency, would act as a catalyst for innovation in payments, ﬁnance and commerce in the context of ongoing efforts to reduce the fragmentation of the Union retail payments market. The Eurosummit of March 2021 called for a stronger and more innovative digital finance sector and more efficient and resilient payment systems. The Eurogroup also acknowledged, in its statement of 25 February, the potential of a digital euro to foster innovation in the financial system. In that context, both the European Parliament21 and ECOFIN Council22 welcomed in February and March 2022 the European Central Bank’s decision to launch a two-year investigation phase of a digital euro project, starting from October 2021.

deleted

_________________

20 Communication from the Commission to the European Parliament, the Council and the Committee of the Regions on a Digital Finance Strategy for the EU (COM/2020/591 final)

21 European Parliament’s resolution of 16 February 2022 on the European Central Bank – annual report 20212021/2063(INI)

22 https://data.consilium.europa.eu/doc/document/ST-6301-2022-INIT/en/pdf

Or. en

Amendment 288

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Proposal for a regulation

Recital 1

Text proposed by the Commission

Amendment

(1) The Eurosummit of March 2021 called for a stronger and more innovative digital finance sector and more efficient and resilient payment systems and the one of October 2025 reiterated that in an increasingly digital world, the digital euro offers a strategic opportunity for supporting a competitive and resilient European payment system, contributing to Europe’s strategic autonomy and economic security, and strengthening the international role of the euro.

_________________

20 Communication from the Commission to the European Parliament, the Council and the Committee of the Regions on a Digital Finance Strategy for the EU (COM/2020/591 final)

21 European Parliament’s resolution of 16 February 2022 on the European Central Bank – annual report 20212021/2063(INI)

22 https://data.consilium.europa.eu/doc/document/ST-6301-2022-INIT/en/pdf

Or. en

Amendment 289

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 1

Text proposed by the Commission

Amendment

_________________

20 Communication from the Commission to the European Parliament, the Council and the Committee of the Regions on a Digital Finance Strategy for the EU (COM/2020/591 final)

21 European Parliament’s resolution of 16 February 2022 on the European Central Bank – annual report 20212021/2063(INI)

22 https://data.consilium.europa.eu/doc/document/ST-6301-2022-INIT/en/pdf

Or. en

Amendment 290

Regina Doherty

Proposal for a regulation

Recital 1

Text proposed by the Commission

Amendment

(1) The Commission emphasised in the Digital Finance and Retail Payment Strategies20 of September 2020 that a digital euro, as a retail central bank digital currency, available for both consumers and businesses, would act as a catalyst for innovation in payments, ﬁnance and commerce in the context of ongoing efforts to reduce the fragmentation of the Union retail payments market. The Eurosummit of March 2021 called for a stronger and more innovative digital finance sector and more efficient and resilient payment systems. The Eurogroup also acknowledged, in its statement of 25 February, the potential of a digital euro to foster innovation in the financial system. In that context, both the European Parliament21 and ECOFIN Council22 welcomed in February and March 2022 the European Central Bank’s decision to launch a two-year investigation phase of a digital euro project, starting from October 2021.

_________________

20 Communication from the Commission to the European Parliament, the Council and the Committee of the Regions on a Digital Finance Strategy for the EU (COM/2020/591 final)

21 European Parliament’s resolution of 16 February 2022 on the European Central Bank – annual report 20212021/2063(INI)

22 https://data.consilium.europa.eu/doc/document/ST-6301-2022-INIT/en/pdf

Or. en

Amendment 291

Pasquale Tridico

on behalf of The Left Group

Jussi Saramo

Proposal for a regulation

Recital 1

Text proposed by the Commission

Amendment

_________________

20 Communication from the Commission to the European Parliament, the Council and the Committee of the Regions on a Digital Finance Strategy for the EU (COM/2020/591 final)

21 European Parliament’s resolution of 16 February 2022 on the European Central Bank – annual report 20212021/2063(INI)

22 https://data.consilium.europa.eu/doc/document/ST-6301-2022-INIT/en/pdf

Or. en

Amendment 292

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 1 a (new)

Text proposed by the Commission

Amendment

(1a) Article 128 of the TFEU stipulates that banknotes issued by the European Central Bank and the national central banks shall be the only such notes to have the status of legal tender within the Union which applies mutatis mutandis for the establishment of the digital euro.

Or. en

Amendment 293

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 1 b (new)

Text proposed by the Commission

Amendment

(1b) Article 3(1), point (c), of the TFEU stipulates that the Union shall have exclusive competence on monetary policy for the Member States whose currency is the euro.

Or. en

Amendment 294

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 1 c (new)

Text proposed by the Commission

Amendment

(1c) Article 63 of the TFEU establishes the fundamental prohibition on restrictions on capital movements between member states and between member states and third countries.

Or. en

Amendment 295

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 1 d (new)

Text proposed by the Commission

Amendment

(1d) Article 16 of the Charter of Fundamental Rights of the European Union1a enshrines in law the freedom to conduct a business.

_________________

1a OJ C 326, 26.10.2012, pp. 391–407, ELI: http://data.europa.eu/eli/treaty/char_2012/oj

Or. en

Amendment 296

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 1 d (new)

Text proposed by the Commission

Amendment

(1d) Article 17 of the Charter of Fundamental Rights of the European Union enshrines in law the right to property.

Or. en

Amendment 297

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 1 d (new)

Text proposed by the Commission

Amendment

(1d) Article 56 of the TFEU prohibits against restrictions on the freedom to provide services.

Or. en

Amendment 298

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 2

Text proposed by the Commission

Amendment

(2) On 2 October 2020, the European Central Bank published its “Report on a digital euro”23. The report formed the basis for seeking views on the benefits and challenges of issuing a digital euro and on its possible design.

deleted

_________________

23 European Central Bank, Report on a digital euro, October 2020.

Or. en

Amendment 299

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 2 a (new)

Text proposed by the Commission

Amendment

(2a) Technological independence is predicated on the EU’s ability to reduce reliance on non-EU technology providers, particularly in cloud computing, semiconductors, artificial intelligence (AI), and critical technologies.

Or. en

Amendment 300

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 2 b (new)

Text proposed by the Commission

Amendment

(2b) Data sovereignty is predicated in the EU’s ability to act independently in the digital world through both protective mechanisms and to foster digital innovation, including in cooperation with non-EU companies.

Or. en

Amendment 301

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 2 c (new)

Text proposed by the Commission

Amendment

(2c) Regulatory autonomy is predicated on EU regulations' extraterritorial scope and it applies not only to EU-based companies but also to foreign service providers that target or process data of EU citizens, compelling compliance worldwide.

Or. en

Amendment 302

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 2 d (new)

Text proposed by the Commission

Amendment

(2d) Economic security is predicated in protecting critical infrastructure and screening foreign investments to prevent technology captivity or leakage. The current Regulation must adhere to the principle that European values like privacy, fundamental rights, and democratic accountability must be upheld in the digital realm.

Or. en

Amendment 303

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 2 e (new)

Text proposed by the Commission

Amendment

(2e) The EU Regulatory framework asserts that in selected cases, for actions related to Union strategic assets, interests, autonomy or security, actions can be limited to cooperation between legal entities established in Member States only, Member States and certain associated countries, and/or certain third countries.

Or. en

Amendment 304

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 2 f (new)

Text proposed by the Commission

Amendment

(2f) Legal tender is defined in Commission Recommendation of 22 March 2010 on the scope and effects of legal tender of euro banknotes and coins (2010/191/EU)1a as implying - (a) mandatory acceptance, (b) at full face value, (c) with power to discharge from payment obligations. Legal tender is the default means of payment and is the only means of ultimate and final settlement of debt. Legal tender necessitates debt relief at full face value and must not be debased and reduced in any way.

_________________

1a OJ L 83, 30.3.2010, pp. 70–71, ELI: http://data.europa.eu/eli/reco/2010/191/oj

Or. en

Amendment 305

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 2 g (new)

Text proposed by the Commission

Amendment

(2g) Legal tender is the default means of payment and is the only means of ultimate and final settlement of debt. Legal tender necessitates debt relief at full face value and must not be debased and reduced in any way.

Or. en

Amendment 306

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 2 h (new)

Text proposed by the Commission

Amendment

(2h) A central ledger is a single, authoritative database maintained by a central entity, such as a bank, government agency, or financial institution. It records all transactions within the system, ensuring that balances and transfers are accurate and consistent.

Or. en

Amendment 307

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 2 i (new)

Text proposed by the Commission

Amendment

(2i) The act of issuance legal tender entails an equivalent entry on the liability side of the European Central Bank’s balance sheet and the concurrent creation of an equivalent entry on the Central Bank’s ledger. Central bank money is the most stable form of money, used as a benchmark for the value of other types of money.

Or. en

Amendment 308

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 2 j (new)

Text proposed by the Commission

Amendment

(2j) The core aspects of the act of issuing legal tender are controlling the quantity of money and honouring any liabilities to enable debt reconciliation and final settlement. Any sovereign monetary system must fulfil at least these conditions to be construed as such. Monetary sovereignty dictates that that the quantity of legal tender and the obligation to maintain an up-to-date ledger of that quantity is in the direct control of the issuer. This must be reflected at the functional core of the payment system is a necessary condition of sovereignty. Operational control is a necessary condition of strategic autonomy. The uninterrupted functioning of payment services is a critical requirement of European resilience. A cohesive an effective framework of emergency responsiveness and crisis management is predicated on the principles of direct control, operational flexibility and quick recovery from failure. These considerations must be guiding the systemic design of the infrastructure.

Or. en

Amendment 309

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 2 k (new)

Text proposed by the Commission

Amendment

(2k) Private money or commercial money describes the portion of a currency which is made of debt generated by commercial banks. When a bank creates account balances or lends money, that money is generated as scriptural money i.e. debt claims against the bank by account holders and debt claims by the bank against borrowers. The value of private or commercial money is anchored by its convertibility into central bank money. The depositors’ confidence in commercial banks depends on the assurance that they can convert their deposits into legal tender on demand, maintaining the currency's value and stability, and serving as the foundation for monetary policy.

Or. en

Amendment 310

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 3

Text proposed by the Commission

Amendment

(3) Central bank money in the form of banknotes and coins cannot be used for online payments. Today, online payments rely entirely on commercial bank money. The acceptability and fungibility of commercial bank money rely on its convertibility on a one-to-one basis to central bank money with legal tender, which serves as a monetary anchor. That monetary anchor is at the core of the functioning of monetary and financial systems. It underpins users’ confidence in commercial bank money and in the euro as a currency and is therefore essential to safeguard the stability of the monetary system in a digitalised economy and society. As central bank money in physical form alone cannot address the needs of a rapidly digitalising economy, this could gradually remove the monetary anchor for commercial bank money. It is therefore necessary to introduce a new form of official currency with legal tender which is risk free and helps visualise the convertibility at par of the money issued by various commercial banks.

deleted

Or. en

Amendment 311

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Proposal for a regulation

Recital 3

Text proposed by the Commission

Amendment

(3) While online payments (like e-commerce payments but also digital payments in shops) are becoming more and more important in the everyday life of Europeans, central bank money in the form of banknotes and coins cannot be used for online payments, thereby limiting people's freedom to choose central bank money for day-to-day purposes. As a result, today, online payments rely entirely on commercial bank money due to the fact the central bank money has not evolved into its digital form. The acceptability and fungibility of commercial bank money rely on its convertibility on a one-to-one basis to central bank money with legal tender, which serves as a monetary anchor. That monetary anchor is at the core of the functioning of monetary and financial systems. It underpins users’ confidence in commercial bank money and in the euro as a currency and is therefore essential to safeguard the stability of the monetary system in a digitalised economy and society. As central bank money in physical form alone cannot address the needs of a rapidly digitalising economy, this could gradually remove the monetary anchor for commercial bank money. It is therefore necessary to introduce a new form of official currency with legal tender which is risk free and helps visualise the convertibility at par of the money issued by various commercial banks. A digital euro - working both online and offline - will bring the simplicity and convenience of cash into European's digital lives and protect people’s freedom to choose how they want to pay and be paid, including in central bank money.

Or. en

Amendment 312

Pasquale Tridico

on behalf of The Left Group

Jussi Saramo

Proposal for a regulation

Recital 3

Text proposed by the Commission

Amendment

(3) As online payments (including e-commerce as well as digital point-of-sale payments) play an increasingly significant role in Europeans’ daily lives, central bank money in the form of banknotes and coins cannot be used for online payments, which restricts people’s ability to use central bank money for everyday transactions. Consequently, today, online payments rely entirely on commercial bank money because central bank money has not yet been made available in a digital form. The acceptability and fungibility of commercial bank money rely on its convertibility on a one-to-one basis to central bank money with legal tender, which serves as a monetary anchor. That monetary anchor is at the core of the functioning of monetary and financial systems. It underpins users’ confidence in commercial bank money and in the euro as a currency and is therefore essential to safeguard the stability of the monetary system in a digitalised economy and society. As central bank money in physical form alone cannot address the needs of a rapidly digitalising economy, this could gradually remove the monetary anchor for commercial bank money. It is therefore necessary to introduce a new form of official currency with legal tender which is risk free and helps visualise the convertibility at par of the money issued by various commercial banks. A digital euro would provide the convenience associated with cash in a digital environment and uphold individuals’ freedom to decide how they wish to pay and be paid, including through central bank money.

Or. en

Amendment 313

Sirpa Pietikäinen

Proposal for a regulation

Recital 3

Text proposed by the Commission

Amendment

Or. en

Amendment 314

Fernando Navarrete Rojas, Markus Ferber, Stefan Berger, Daniel Caspary, Ralf Seekatz, Christophe Gomart, Antonio López-Istúriz White, Isabel Benjumea Benjumea

Proposal for a regulation

Recital 3 a (new)

Text proposed by the Commission

Amendment

(3a) The Union’s objective of reducing dependence on non-European payment service providers can be achieved either through an online digital euro or through competitive European private retail payment schemes operating at euro-area scale. The legislative framework should be incentives-based and provide an enabling environment for ongoing public-private partnership initiatives to deliver the final investment milestones needed to achieve pan-European scale and strategic autonomy, without precluding continued work on the digital euro as a fallback option, since the bulk of deployment investments would in any case be borne by payment service providers and merchants when connecting to the ECB’s back end. Signalling that an ECB ledger-based solution will be established irrespective of market developments risks weakening private investment incentives towards a dynamic and innovative market-led solution and undermining the emergence of sovereign interoperable European payment schemes that leverage PSD/PSR recent developments.

Or. en

Amendment 315

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 3 a (new)

Text proposed by the Commission

Amendment

(3a) European payment systems are very fragmented and in great need of standardisation with the purpose to facilitate transactions, support economic growth and enable the free movement of capital, people and goods in the common market. Technological disruption is resulting into a trend of market concentration across sectors and across markets. This has resulted into new levels of platform competition enabled by scale and networks effects which may undermine competition and innovation and occasionally even disintermediate the public sector. Market concentration and hyperscaling, pose serious threats to competition and market efficiency in the payments sector. New entrants leveraging online technology and legacy payment infrastructure, posing a risk of a “free riding” problem in relation to the traditional financial sector who is burdened with a significant offline cost structure to support its social role and a regulatory framework resulting to additional costs for compliance.

Or. en

Amendment 316

Luděk Niedermayer, Martine Kemp

Proposal for a regulation

Recital 3 a (new)

Text proposed by the Commission

Amendment

(3a) Online payments rely not only on commercial bank money but also on technological infrastructures which, in the overwhelming majority of cases, are provided or controlled by a limited number of major market operators. The significant market power of those operators enables them to influence pricing conditions and limits the scope for the emergence of alternative private-sector solutions at comparable cost, thereby giving rise to certain structural risks. In this context, the digital euro would, as a secondary effect, provide an alternative for certain online payment use cases, offer users the possibility to rely on different technological arrangements where they so choose, exert competitive pressure that mitigates the risk of market power being translated into higher prices, and contribute to reducing related security risks.

Or. en

Amendment 317

Giovanni Crosetto, Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta

Proposal for a regulation

Recital 3 a (new)

Text proposed by the Commission

Amendment

(3a) At the same time, to avoid an excessive concentration of data and imbalances in bargaining power across digital markets, it is key to exclude from the distribution of the digital euro and acceptance services those companies designated as gatekeepers under Regulation (EU) 2022/1925 of the European Parliament and of the Council1a, which enjoy an entrenched and durable position, in its operations, or it is foreseeable that they will enjoy such a position in the near future.

_________________

1a Regulation (EU) 2022/1925 of the European Parliament and of the Council of 14 September 2022 on contestable and fair markets in the digital sector and amending Directives (EU) 2019/1937 and (EU) 2020/1828 (Digital Markets Act), (OJ L 265, 12.10.2022, pp. 1–66, ELI: http://data.europa.eu/eli/reg/2022/1925/oj).

Or. en

Amendment 318

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Proposal for a regulation

Recital 3 a (new)

Text proposed by the Commission

Amendment

_________________

Or. en

Amendment 319

Fernando Navarrete Rojas, Markus Ferber, Stefan Berger, Daniel Caspary, Ralf Seekatz, Christophe Gomart, Isabel Benjumea Benjumea, Antonio López-Istúriz White

Proposal for a regulation

Recital 3 b (new)

Text proposed by the Commission

Amendment

(3b) The conditionality attached to the possible establishment of the online digital euro is essential not only to protect financial stability and competition, but also to ensure credible incentives for private European actors to complete ongoing projects, achieve interoperability and scale to euro-area coverage. A perception that the online digital euro will be issued regardless of the result of such a market test would weaken those incentives and risk entrenching dependence on non-European service providers.

Or. en

Amendment 320

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 3 b (new)

Text proposed by the Commission

Amendment

(3b) The Eurozone comprises member states with very diverse economic systems with pronounced differences in terms of size, company structure, tax policy and the depth of capital markets. The financial crisis has demonstrated the interdependency of the European Union market-based economies and the need for further integration and coordination in order to complete the internal market, resulting to the better functioning of Member States economies and increased resilience and prosperity for the European citizens.

Or. en

Amendment 321

Fernando Navarrete Rojas, Markus Ferber, Stefan Berger, Daniel Caspary, Ralf Seekatz, Christophe Gomart, Isabel Benjumea Benjumea, Antonio López-Istúriz White

Proposal for a regulation

Recital 3 c (new)

Text proposed by the Commission

Amendment

(3c) The offline digital euro, which operates without reliance on any ECB ledger payments infrastructure and enables peer-to-peer settlement through secure token-based instruments, represents a digital continuation of cash and does not alter the structure of the retail payments market. In contrast, the online digital euro would require the creation of an ECB ledger for retail transactions that obliges citizens to open retail accounts at the ECB, thereby introducing undue competition with bank deposit accounts, reshaping the competitive dynamics of the market. It is therefore appropriate that such an intervention remains strictly conditional on the demonstrated absence of a viable pan-European payment solution capable of ensuring payment sovereignty, resilience and full euro-area reach.

Or. en

Amendment 322

Fernando Navarrete Rojas, Markus Ferber, Stefan Berger, Daniel Caspary, Ralf Seekatz, Christophe Gomart, Isabel Benjumea Benjumea, Antonio López-Istúriz White

Proposal for a regulation

Recital 3 d (new)

Text proposed by the Commission

Amendment

(3d) Any decision to introduce an ECB ledger payments infrastructure for online retail transactions constitutes a significant intervention in the Union’s payments ecosystem. Such an infrastructure should only be envisaged where persistent market failures cannot be addressed by other means. An unconditional expectation that an ECB retail account-based solution will be launched irrespective of market developments could deter private actors from completing the deployment of emerging pan-European schemes and undermine the Union’s objective of fostering a competitive, innovative and sovereign payments market. The legislative framework should therefore preserve a credible market-first approach, allowing private European solutions the space, incentives and conditions to achieve full interoperability and euro-area coverage.

Or. en

Amendment 323

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 4

Text proposed by the Commission

Amendment

(4) It is premature to commit to the introduction of a retail and online digital euro at this stage, given that ongoing projects such as recent and emerging pan-European payment initiatives deserve time to mature before undertaking a full-scale retail CBDC.

Or. en

Amendment 324

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Proposal for a regulation

Recital 4

Text proposed by the Commission

Amendment

(4) To address the need of a rapidly digitalising economy, the digital euro should support a variety of use cases of retail payments. This will also ensure that, in today’s rapidly shifting geopolitical landscape, the digital euro could strengthen Europe’s strategic autonomy and boost integration in the digital economy, a sector that will define tomorrow’s growth. This is even more relevant considering that today, in 17 of the 20 euro area countries, everyday card payments rely entirely on non-European providers and emerging private sector solutions do not cover for all euro area countries nor for all use cases of retail payments. In addition, the digital euro should also be able to fulfil future payments needs, and in particular machine to machine payment in the context of Industry 4.0 and payments in the decentralised internet (web3). The digital euro should not cater for payments between financial intermediaries, payment service providers and other market participants (that is to say wholesale payments), for which settlement systems in central bank money exist and where the use of different technologies is being further investigated by the Eurosystem.

Or. en

Amendment 325

Pasquale Tridico

on behalf of The Left Group

Jussi Saramo

Proposal for a regulation

Recital 4

Text proposed by the Commission

Amendment

(4) To address the need of a rapidly digitalising economy, the digital euro should support a variety of use cases of retail payments. In addition, in a context of fast-evolving geopolitical dynamics, the digital euro has the potential to reinforce Europe’s strategic autonomy and deepen its integration within the digital economy, a domain that will be central to future economic development. This is particularly important given that, in 17 out of the 20 euro area Member States, everyday card payments depend predominantly on non-European providers, and that the solutions emerging from the private sector do not yet offer full coverage for retail payment needs across all euro area countries. In addition, the digital euro should also be able to fulfil future payments needs, and in particular machine to machine payment in the context of Industry 4.0 and payments in the decentralised internet (web3). The digital euro should not cater for payments between financial intermediaries, payment service providers and other market participants (that is to say wholesale payments), for which settlement systems in central bank money exist and where the use of different technologies is being further investigated by the Eurosystem.

Or. en

Amendment 326

Gilles Boyer, Stéphanie Yon-Courtin, Billy Kelleher, Ľudovít Ódor, Luděk Niedermayer

Proposal for a regulation

Recital 4

Text proposed by the Commission

Amendment

Or. en

Amendment 327

Regina Doherty

Proposal for a regulation

Recital 4

Text proposed by the Commission

Amendment

(4) To address the need of a rapidly digitalising economy, the digital euro should support a variety of use cases of retail payments. Those use case include person to person, person to business, person to government, business to person, business to business, business to government, government to person, government to business, and government to government payments. In addition, the digital euro should also be able to fulfil future payments needs, and in particular machine to machine payment in the context of Industry 4.0 and payments in the decentralised internet (web3). The European Central Bank should closely monitor emerging trends and the evolving needs of the industry in the area of business-to-business payments and, where relevant, identify and advance initiatives to ensure that the digital euro remains adaptable and relevant to these developments. The technical infrastructure should be designed from the outset to support business-to-business transactions effectively, with a particular focus on enabling conditional payments. The digital euro should complement and support private sector payment services. The digital euro should not cater for payments between financial intermediaries, payment service providers and other market participants (that is to say wholesale payments), for which settlement systems in central bank money exist and where the use of different technologies is being further investigated by the Eurosystem.

Or. en

Amendment 328

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 4

Text proposed by the Commission

Amendment

(4) To address the need of a rapidly digitalising economy, the digital euro should support a variety of use cases of retail payments. Those use case include person to person, person to business, person to government, business to person, business to business, business to government, government to person, government to business, and government to government payments. In addition, without prejudice to the principle of technology neutrality, the digital euro should also be able to fulfil future payments needs, and in particular machine to machine payment in the context of Industry 4.0 and payments in the decentralised internet (web3) or any form of payments on any medium to be invented in the future. The digital euro should not cater for payments between financial intermediaries, payment service providers and other market participants (that is to say wholesale payments), for which settlement systems in central bank money exist and where the use of different technologies is being further investigated by the Eurosystem.

Or. en

Amendment 329

Gilles Boyer, Nikos Papandreou, Damian Boeselager, Pasquale Tridico

Proposal for a regulation

Recital 4 a (new)

Text proposed by the Commission

Amendment

(4a) The digital euro is a crucial step in order to safeguard the sovereignty and the strategic autonomy of the European Union. Through the provision of online and offline digital euro payment transaction options, the digital Euro will provide a single means of payment across the physical and digital economic realm and it will provide benefits for both consumers and businesses. Through the provision of open standards and infrastructure, the digital euro will foster innovation, improve the efficiency of payments, support the Union’s competitiveness and improve its resilience.

Or. en

Amendment 330

Dirk Gotink

Proposal for a regulation

Recital 4 a (new)

Text proposed by the Commission

Amendment

(4a) The digital euro should support and provide a platform for innovation and competitiveness in the European payments sector. European private solutions should be able to benefit from the infrastructure and frameworks provided by the digital euro. In this respect, the introduction of the digital euro should in the long term enable the European payments industry to become more competitive and to provide better, more affordable and more effective payment solutions to European citizens.

Or. en

Amendment 331

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 4 a (new)

Text proposed by the Commission

Amendment

(4a) The introduction of an offline digital euro would reduce overreliance on non-European providers. Moreover, the offline digital euro is the best tool to significantly reduce financial stability risks. This Regulation should therefore enable the strengthening of interoperability and competitive neutrality rather than displace already efficient market solutions.

Or. en

Amendment 332

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 4 b (new)

Text proposed by the Commission

Amendment

(4b) Existing European retail private payment initiatives in a significant number of Member States are widely adopted in their national markets and satisfy a large part of the current needs for the Union economy and the Union´s strategic sovereignty, without posing financial stability risks. In respect of the principle of subsidiarity and proportionality, the fact that small segments of the payments market are not covered by private payment initiatives, does not warrant legislative and regulatory action.

Or. en

Amendment 333

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 5

Text proposed by the Commission

Amendment

(5) In a context where cash alone cannot answer the needs of a digitalised economy, it is essential to support financial inclusion by ensuring universal, affordable and easy access to the digital euro to individuals in the euro area, as well as its wide acceptance in payments. Financial exclusion in the digitalised economy may increase as private digital means of payments may not specifically cater for vulnerable groups of the society or may not be suitable in some rural or remote areas without a (stable) communication network. According to the World Bank and the Bank for International Settlements, “efficient, accessible and safe retail payment systems and services are critical for greater financial inclusion”.24 That finding was further substantiated by the study on new Digital Payment Methods commissioned by the European Central Bank, which concluded that for the unbanked/underbanked/offline population, the most important features of a new payment method are easiness of use, not requiring technological skills, and to be secure and free of charge.25 A digital euro would offer a public alternative to private digital means of payments and support financial inclusion as it would be designed along these objectives, thus catering for free access, easiness of use and wide accessibility and acceptance.

(5) In a context where cash alone cannot answer the needs of a digitalised economy, it is essential to support financial inclusion by ensuring universal, affordable and easy access to payment solutions covering large parts of the European payments market to individuals in the euro area, as well as its wide acceptance in payments. According to the World Bank and the Bank for International Settlements, “efficient, accessible and safe retail payment systems and services are critical for greater financial inclusion”.24 That finding was further substantiated by the study on new Digital Payment Methods commissioned by the European Central Bank, which concluded that for the unbanked/underbanked/offline population, the most important features of a new payment method are easiness of use, not requiring technological skills, and to be secure and free of charge.25

_________________

24 https://documents1.worldbank.org/curated/en/806481470154477031/pdf/Payment-Aspects-of-Financial-Inclusion.pdf

25 Study on New Digital Payment Methods (europa.eu), March 2022. According to the World Bank, financial inclusion means that individuals have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance”.

Or. en

Amendment 334

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 5

Text proposed by the Commission

Amendment

(5) In a context where cash alone cannot answer the needs of a digitalised economy, it is essential to support financial inclusion by ensuring universal, free and easy access to the digital euro to individuals in the euro area, as well as its wide acceptance in payments. In this respect, together with mandatory distribution from private payment intermediaries, Member States should ensure sufficient and effective access to public entities, in all their different regions, including urban and non-urban areas. Member States should determine the number and geographical distribution of entities on the basis of common indicators. Financial exclusion in the digitalised economy may increase as private digital means of payments may not specifically cater for vulnerable groups of the society or may not be suitable in some rural or remote areas without a (stable) communication network. According to the World Bank and the Bank for International Settlements, “efficient, accessible and safe retail payment systems and services are critical for greater financial inclusion”.24 That finding was further substantiated by the study on new Digital Payment Methods commissioned by the European Central Bank, which concluded that for the unbanked/underbanked/offline population, the most important features of a new payment method are easiness of use, not requiring technological skills, and to be secure and free of charge.25 A digital euro would offer a public alternative to private digital means of payments and support financial inclusion as it would be designed along these objectives, thus catering for free access, easiness of use and wide accessibility and acceptance. These principles should be firmly enshrined as design requirements for any front-end service made available for digital euro users to access and use digital euro, irrespective of whether these services are designed by the European central banks or by a payment service provider.

_________________

24 https://documents1.worldbank.org/curated/en/806481470154477031/pdf/Payment-Aspects-of-Financial-Inclusion.pdf

Or. en

Amendment 335

Sirpa Pietikäinen

Proposal for a regulation

Recital 5

Text proposed by the Commission

Amendment

(5) In a context where cash alone cannot answer the needs of a digitalised economy, it is essential to support financial inclusion by ensuring universal, affordable and easy access to a European Central Bank led digital euro to individuals in the euro area, as well as its wide acceptance in payments. Financial exclusion in the digitalised economy may increase as private digital means of payments may not specifically cater for vulnerable groups of the society or may not be suitable in some rural or remote areas without a (stable) communication network. According to the World Bank and the Bank for International Settlements, “efficient, accessible and safe retail payment systems and services are critical for greater financial inclusion”.24 That finding was further substantiated by the study on new Digital Payment Methods commissioned by the European Central Bank, which concluded that for the unbanked/underbanked/offline population, the most important features of a new payment method are easiness of use, not requiring technological skills, and to be secure and free of charge.25 A digital euro would offer a public alternative to private digital means of payments and support financial inclusion as it would be designed along these objectives, thus catering for free access, easiness of use and wide accessibility and acceptance.

_________________

24 https://documents1.worldbank.org/curated/en/806481470154477031/pdf/Payment-Aspects-of-Financial-Inclusion.pdf

Or. en

Amendment 336

Regina Doherty

Proposal for a regulation

Recital 5

Text proposed by the Commission

Amendment

(5) In a context where cash alone cannot answer the needs of a digitalised economy, it is essential to support financial inclusion by ensuring universal, affordable and easy access to the digital euro for individuals in the euro area, as well as its wide acceptance in payments. Financial exclusion in the digitalised economy may increase as private digital means of payments may not specifically cater for vulnerable groups of the society or may not be suitable in some rural or remote areas without a (stable) communication network. According to the World Bank and the Bank for International Settlements, “efficient, accessible and safe retail payment systems and services are critical for greater financial inclusion”.24 That finding was further substantiated by the study on new Digital Payment Methods commissioned by the European Central Bank, which concluded that for the unbanked/underbanked/offline population, the most important features of a new payment method are easiness of use, not requiring technological skills, and to be secure and free of charge.25 A digital euro would offer a public alternative to private digital means of payments and support financial inclusion as it would be designed along these objectives, thus catering for free access, easiness of use and wide accessibility and acceptance.

_________________

24 https://documents1.worldbank.org/curated/en/806481470154477031/pdf/Payment-Aspects-of-Financial-Inclusion.pdf

Or. en

Amendment 337

Pasquale Tridico

on behalf of The Left Group

Jussi Saramo

Proposal for a regulation

Recital 5

Text proposed by the Commission

Amendment

(5) In a context where cash alone cannot answer the needs of a digitalised economy, it is essential to support financial inclusion by ensuring universal, affordable and easy access to the digital euro to individuals in the euro area, as well as its wide acceptance in payments. Financial exclusion in the digitalised economy may increase as private digital means of payments may not specifically cater for vulnerable groups of the society or may not be suitable in some rural or remote areas without a (stable) communication network. According to the World Bank and the Bank for International Settlements, “efficient, accessible and safe retail payment systems and services are critical for greater financial inclusion”.24 That finding was further substantiated by the study on new Digital Payment Methods commissioned by the European Central Bank, which concluded that for the unbanked/underbanked/offline population, the most important features of a new payment method are easiness of use, not requiring technological skills, and to be secure and free of charge.25A digital euro would offer a public alternative to private digital means of payments and support financial inclusion as it would be designed along these objectives, thus catering for free access, easiness of use and wide accessibility and acceptance. A digital euro should promote financial inclusion by lowering the barriers that hinder certain groups from fully taking part in the digital economy, including those without access to private payment solutions or with limited financial literacy. Ensuring that the digital euro is easy to use would make it accessible to a broad range of users, including vulnerable groups such as older persons, persons with disabilities, and people living in rural or underserved regions.

_________________

24 https://documents1.worldbank.org/curated/en/806481470154477031/pdf/Payment-Aspects-of-Financial-Inclusion.pdf

Or. en

Amendment 338

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Proposal for a regulation

Recital 5

Text proposed by the Commission

Amendment

(5) In a context where cash alone cannot answer the needs of a digitalised economy, it is essential to support financial inclusion by ensuring universal, affordable and easy access to the digital euro to individuals in the euro area, as well as its wide acceptance in payments. Financial exclusion in the digitalised economy may increase as private digital means of payments may not specifically cater for vulnerable groups of the society or may not be suitable in some rural or remote areas without a (stable) communication network. According to the World Bank and the Bank for International Settlements, “efficient, accessible and safe retail payment systems and services are critical for greater financial inclusion”. 24 That finding was further substantiated by the study on new Digital Payment Methods commissioned by the European Central Bank, which concluded that for the unbanked/underbanked/offline population, the most important features of a new payment method are easiness of use, not requiring technological skills, and to be secure and free of charge. 25 A digital euro would offer a public alternative to private digital means of payments and support financial inclusion as it would be designed along these objectives, thus catering for free access, easiness of use and wide accessibility and acceptance. A digital euro should support financial inclusion by addressing barriers that may prevent certain segments of the population from participating fully in the digital economy, such as those without access to private payment systems or individuals with limited financial literacy. By ensuring that the digital euro is user-friendly, it would cater to diverse demographics, including vulnerable groups such as the elderly, persons with disabilities, and those in rural or underserved areas.

_________________

24 https://documents1.worldbank.org/curated/en/806481470154477031/pdf/Payment-Aspects-of-Financial-Inclusion.pdf

Or. en

Amendment 339

Paulius Saudargas, Sandra Kalniete, Liudas Mažylis

Proposal for a regulation

Recital 5 a (new)

Text proposed by the Commission

Amendment

(5a) To ensure the resilience and continuity of digital euro payments in exceptional circumstances — such as natural disasters, major cybersecurity incidents, or other events of comparable impact — measures may be adopted to safeguard payment operations. Such measures, including activation of emergency switching, enhancement of digital euro distribution, and temporary increases of offline limits shall be time-limited, duly justified, and proportionate. They may be adopted only where credible and substantial risks to payment continuity, including digital euro payments, are emerging or where widespread and severe disruptions are already occurring in part or all of one or more euro area Member States. These measures shall cease to apply once the exceptional circumstances no longer justify them. This Regulation is without prejudice to national procedures for requesting such measures, national emergency-declaration mechanisms, or Member States’ powers to adopt other measures concerning payment continuity within their respective competences.

Or. en

Amendment 340

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 5 a (new)

Text proposed by the Commission

Amendment

(5a) The financial inclusion of consumers, particularly vulnerable consumers, is well enshrined in Union law. Under Directive 2014/92/EU of the European Parliament and of the Council of 23 July 20141a the right of access to a payment account with basic futures is laid down. The Digital Services Act1b introduces a code of conduct for accessibility. The European Strategy for the Rights of Persons with Disabilities 2021-2030 lays down the right of full economic inclusion. And Directive 882/2019 of the European Parliament and of the Council of 17 April 20191c on the accessibility requirements for products and services aims at eliminating and preventing barriers to the free movement of certain accessible products and services arising from divergent accessibility requirements in the Member States.

_________________

1a Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features (OJ L 257, 28.8.2014, pp. 214–246. ELI: http://data.europa.eu/eli/dir/2014/92/oj)

1b Regulation (EU) 2022/2065 of the European Parliament and of the Council of 19 October 2022 on a Single Market For Digital Services and amending Directive 2000/31/EC (Digital Services Act), (OJ L 277, 27.10.2022, pp. 1–102, ELI: http://data.europa.eu/eli/reg/2022/2065/oj).

1c Directive (EU) 2019/882 of the European Parliament and of the Council of 17 April 2019 on the accessibility requirements for products and services (OJ L 151, 7.6.2019, pp. 70–115, ELI: http://data.europa.eu/eli/dir/2019/882/oj).

Or. en

Amendment 341

Sirpa Pietikäinen

Proposal for a regulation

Recital 5 a (new)

Text proposed by the Commission

Amendment

(5a) Even though a technical separation between the online and offline uses of the digital euro is important to maintain, especially for reasons of European resilience and crisis preparedness, there can only be a single digital euro. A separation of development leads between private and public initiatives between the online and offline digital euros could lead to a significant divergence in the uptake, utilisation and accessibility of the digital euro.

Or. en

Amendment 342

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 6

Text proposed by the Commission

Amendment

(6) The digital euro should complement euro banknotes and coins and should not replace the physical forms of the single currency. However, only a wholesale and offline digital euro should be considered; the introduction of a retail and online digital euro is currently unsubtantiated and ill-conceptualised and ill-prepared by the ECB, and should be deferred until the performance, interoperability and privacy of existing private and pan-European payment solutions is fully assessed.

Or. en

Amendment 343

Rada Laykova, Siegbert Frank Droese

on behalf of the ESN Group

Proposal for a regulation

Recital 6

Text proposed by the Commission

Amendment

(6) The digital euro should complement euro banknotes and coins and should not replace the physical forms of the single currency. Cash and the digital euro are equally important. The digital euro shall complement, not replace, euro banknotes and coins. Member States shall maintain at least the current level of cash access and acceptance and shall not adopt measures that de facto reduce the usability of physical currency. Regulation (EU) [please insert reference – proposal for a Regulation on the legal tender of euro banknotes and coins - COM/2023/364] would harmonise legal tender for cash and ensure that cash is widely distributed and effectively used. Consumers shall have the right to pay with euro banknotes and coins without disadvantage, surcharge or refusal. Preferential treatment, discounts or economic incentives shall neither be granted exclusively for the use of the digital euro or other digital means of payment.

Or. en

Justification

Ensures an EU-wide right to pay in cash. It also gives full neutrality between legal tender payment instruments. Preferential treatment for the digital euro — such as discounts, bonuses or other economic advantages — would indirectly disadvantage cash users and undermine freedom of choice. It therefore prohibits any exclusive incentives favouring the digital euro.

Amendment 344

Regina Doherty

Proposal for a regulation

Recital 6

Text proposed by the Commission

Amendment

(6) The digital euro should complement euro banknotes and coins and should not replace the physical forms of the single currency. Access to cash remains vital for financial inclusion. As legal tender instruments, both cash and digital euro are equally important. Regulation (EU) [please insert reference – proposal for a Regulation on the legal tender of euro banknotes and coins - COM/2023/364] would harmonise legal tender for cash and ensure that cash is widely distributed and effectively used. The principle of financial inclusion should ensure that individuals should not be effectively or constructively excluded from the market if they do not wish to use the digital euro;

Or. en

Amendment 345

Luděk Niedermayer, Dirk Gotink, Martine Kemp

Proposal for a regulation

Recital 6

Text proposed by the Commission

Amendment

(6) The digital euro should complement euro banknotes and coins and should not replace the physical forms of the single currency. As legal tender instruments, both cash and digital euro are equally important. Regulation (EU) [please insert reference – proposal for a Regulation on the legal tender of euro banknotes and coins - COM/2023/364] would harmonise legal tender for cash and ensure that cash is widely distributed and effectively used. The aim of the digital euro is therefore not to substitute coins and banknotes, but to ensure that a certain share of central bank money continues to be available and usable in an environment in which an increasing number of people and transactions rely on commercial bank money for the execution of payments.

Or. en

Amendment 346

Gilles Boyer, Stéphanie Yon-Courtin, Billy Kelleher, Ľudovít Ódor, Luděk Niedermayer

Proposal for a regulation

Recital 6 a (new)

Text proposed by the Commission

Amendment

(6a) Large digital companies are developing rapidly in the payments sector. At least 60% of EU card payment transactions use non-EU companies today, and their market share is likely to increase in the coming years, highlighting an increased risk of market domination and dependence on foreign payment technologies which could have undesired implications for the European Union‘s strategic autonomy.

Or. en

Amendment 347

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 6 a (new)

Text proposed by the Commission

Amendment

(6a) The digital euro is not intended to replace euro banknotes and coins. Member States should ensure the continued availability of physical cash withdrawal points, particularly in rural, remote or underserved areas, so that all users retain effective access to cash alongside the digital euro.

Or. en

Amendment 348

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 7

Text proposed by the Commission

Amendment

(7) Future developments in digital payments may affect the role of the euro in retail payment markets both in the European Union and internationally. Many central banks around the world are currently exploring the issuance of central bank digital currencies (‘CBDCs’) and some countries have already issued a CBDC. In addition, so-called third country stablecoins not denominated in euro, could, if widely used for payments, displace euro denominated payments in the Union’s economy by satisfying demand for programmable payments (which are referred as conditional payments in the context of this Regulation), including in e-commerce, capital markets or industry 4.0. A digital euro would therefore be important to maintain the role of the euro in the digital age.

(7) Future developments in digital payments may affect the role of the euro in cross-border retail payment markets. Several central banks around the world have explored the issuance of central bank digital currencies (‘CBDCs’) and the vast majorities of market economies have discontinued their research on and plans to introduce CBDCs.

Or. en

Amendment 349

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann, Dirk Gotink

Proposal for a regulation

Recital 7

Text proposed by the Commission

Amendment

Or. en

Amendment 350

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 8

Text proposed by the Commission

Amendment

(8) It is therefore necessary to lay down a legal framework for establishing a digital form of the euro with the status of legal tender, for use by people, businesses and public authorities in the euro area. As a new form of the euro available to the general public, the digital euro should have important societal and economic consequences. It is therefore necessary to establish the digital euro and to regulate its main characteristics, as a measure of monetary law. The European Central Bank is competent to issue and to authorise the issuance of the digital euro by national central banks of the Member States whose currency is the euro, exercising its powers under the Treaties. On the basis of those powers and in accordance with the legal framework set out in this Regulation, the European Central Bank should thus be able to decide whether to issue the digital euro, at which times and in what amounts, and other particular measures that are intrinsically connected to its issuance, in addition to banknotes and coins.

(8) As a new form of the euro for wholesale settlements, the offline wholesale digital euro should have important financial consequences. It could therefore be useful to establish the digital settlement structure.

Or. en

Amendment 351

Gilles Boyer, Stéphanie Yon-Courtin, Billy Kelleher, Ľudovít Ódor, Luděk Niedermayer

Proposal for a regulation

Recital 8

Text proposed by the Commission

Amendment

(8) It is therefore necessary to lay down a legal framework for establishing a digital form of the euro with the status of legal tender, for use by people, businesses and public authorities in the euro area. As a new form of the euro available to the general public, the digital euro should have important societal and economic consequences. It is therefore necessary to establish the digital euro and to regulate its main characteristics, as a measure of monetary law. The European Central Bank is competent to issue and to authorise the issuance of the digital euro by national central banks of the Member States whose currency is the euro, exercising its powers under the Treaties. On the basis of those powers and in accordance with the legal framework set out in this Regulation, the European Central Bank should thus be able to decide whether to issue the digital euro, at which times and in what amounts, and other particular measures that are intrinsically connected to its issuance, in addition to banknotes and coins.

(8) It is therefore necessary to lay down a legal framework for establishing a digital form of the euro with the status of legal tender, for use by people, businesses and public authorities in the euro area. As a new form of the euro available to the general public, the digital euro would be a European means of payment which could be used free of charge for citizens, for digital payments, anywhere in the euro area. Together with cash, a digital euro would preserve European citizens’ freedom to use a public means of payment. It is therefore necessary to establish the digital euro and to regulate its main characteristics, as a measure of monetary law and to preserve the role and share of central bank money in payments. The European Central Bank is competent to issue and to authorise the issuance of the digital euro by national central banks of the Member States whose currency is the euro, exercising its powers under the Treaties. On the basis of those powers and in accordance with the legal framework set out in this Regulation, and in accordance with Article 4 of this Regulation, the European Central Bank should thus be able to decide whether to issue the digital euro, at which times and in what amounts, and other particular measures that are intrinsically connected to its issuance, in addition to banknotes and coins. To ensure an effective use of the euro, both its online and offline functional modalities are necessary and essential and both should therefore be available from the first issuance of the digital euro.

Or. en

Amendment 352

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Proposal for a regulation

Recital 8

Text proposed by the Commission

Amendment

(8) It is therefore necessary to lay down a legal framework for establishing a digital form of the euro with the status of legal tender, for use by people, businesses and public authorities in the euro area. As a new form of the euro available to the general public, the digital euro should have important societal and economic consequences. It is therefore necessary to establish the digital euro and to regulate its main characteristics, as a measure of monetary law. The European Central Bank is competent to issue and to authorise the issuance of the digital euro by national central banks of the Member States whose currency is the euro, exercising its powers under the Treaties. On the basis of those powers and in accordance with the legal framework set out in this Regulation, the European Central Bank should thus be able to decide whether to issue the digital euro, at which times and in what amounts, and other particular measures that are intrinsically connected to its issuance, in addition to banknotes and coins.

(8) It is therefore necessary to lay down a legal framework for establishing a digital form of the euro with the status of legal tender, for use by people, businesses and public authorities in the euro area, so allow the ECB to take a decision on its possible issuance. As a new form of the euro available to the general public, the digital euro should have important societal and economic consequences, with positive benefits in terms of people's freedom to pay, accessibility to digital means of payment. Moreover, in a global economy increasingly dominated by private, non-European payment systems and digital currencies, the introduction of a digital euro is essential to safeguarding the Union’s monetary sovereignty and reducing reliance on external actors. The digital euro would act as a public alternative to private payment solutions, enhancing the stability of the European payment system and ensuring that European citizens and businesses can benefit from secure, reliable, and independent payment infrastructure. It is therefore necessary to establish the digital euro and to regulate its main characteristics, as a measure of monetary law. The European Central Bank is competent to issue and to authorise the issuance of the digital euro by national central banks of the Member States whose currency is the euro, exercising its powers under the Treaties. On the basis of those powers and in accordance with the legal framework set out in this Regulation, the European Central Bank should thus be able to decide whether to issue the digital euro, at which times and in what amounts, and other particular measures and technical features that are intrinsically connected to its issuance, in addition to banknotes and coins. The legal framework establishing the digital euro should adhere to the principle of technological neutrality, ensuring that the legal framework remains adaptable to future technological developments and does not prescribe specific technical solutions or infrastructures. This approach will allow the digital euro to evolve in response to advancements in technology and changing societal needs.

Or. en

Amendment 353

Pasquale Tridico

on behalf of The Left Group

Jussi Saramo

Proposal for a regulation

Recital 8

Text proposed by the Commission

Amendment

(8) It is therefore necessary to lay down a legal framework for establishing a digital form of the euro with the status of legal tender, for use by people, businesses and public authorities in the euro area. As a new form of the euro available to the general public, the digital euro should have important societal and economic consequences. It is therefore necessary to establish the digital euro and to regulate its main characteristics, as a measure of monetary law. The European Central Bank is competent to issue and to authorise the issuance of the digital euro by national central banks of the Member States whose currency is the euro, exercising its powers under the Treaties. On the basis of those powers and in accordance with the legal framework set out in this Regulation, the European Central Bank should thus be able to decide whether to issue the digital euro, at which times and in what amounts, and other particular measures that are intrinsically connected to its issuance, in addition to banknotes and coins.

(8) It is therefore necessary to lay down a legal framework for establishing a digital form of the euro with the status of legal tender, for use by people, businesses and public authorities in the euro area, thereby enabling the ECB to decide on its potential issuance. As a new form of the euro available to the general public, the digital euro should have important societal and economic consequences, with positive benefits in terms of people's freedom to pay, accessibility to digital means of payment. Furthermore, in a global environment where payment systems and digital currencies are increasingly shaped by private, non-European actors, introducing a digital euro is crucial for safeguarding the Union’s monetary sovereignty and reducing dependence on external providers. The digital euro would serve as a public alternative to private payment solutions, contributing to the robustness of the European payment landscape and ensuring that citizens and businesses can rely on a secure, resilient and autonomous payment infrastructure. It is therefore necessary to establish the digital euro and to regulate its main characteristics, as a measure of monetary law. The European Central Bank is competent to issue and to authorise the issuance of the digital euro by national central banks of the Member States whose currency is the euro, exercising its powers under the Treaties. On the basis of those powers and in accordance with the legal framework set out in this Regulation, the European Central Bank should thus be able to decide whether to issue the digital euro, at which times and in what amounts, and other particular measures and technical features that are intrinsically connected to its issuance, in addition to banknotes and coins. The legal framework governing the digital euro should respect the principle of technological neutrality, ensuring flexibility to accommodate future technological evolution and avoiding the prescription of particular technical architectures. This will allow the digital euro to adapt to technological progress and evolving societal needs.

Or. en

Amendment 354

Jonás Fernández, Aurore Lalucq, Carla Tavares, Thomas Bajada, Eero Heinäluoma, César Luena, Costas Mavrides, Lara Wolters

Proposal for a regulation

Recital 8

Text proposed by the Commission

Amendment

(8) It is therefore necessary to lay down a legal framework for establishing a digital form of the euro with the status of legal tender, for use by people, businesses and public authorities in the euro area. As a new form of the euro available to the general public, the digital euro should have important societal and economic consequences. It is therefore necessary to establish the digital euro and to regulate its main characteristics, as a measure of monetary law. The European Central Bank is competent to issue and to authorise the issuance of the digital euro by national central banks of the Member States whose currency is the euro, exercising its powers under the Treaties. On the basis of those powers and in accordance with the legal framework set out in this Regulation, the European Central Bank should thus be able to decide whether to issue the digital euro, at which times and in what amounts, and other particular measures that are intrinsically connected to its issuance, in addition to banknotes and coins.

(8) It is therefore necessary to lay down a legal framework for establishing a digital form of the euro with the status of legal tender, for use by people, businesses and public authorities in the euro area. As a new form of the euro available to the general public, the digital euro should have important societal and economic consequences. It is therefore necessary to establish the digital euro and to regulate its main characteristics, as a measure of monetary law. The European Central Bank is competent to issue and to authorise the issuance of the digital euro by national central banks of the Member States whose currency is the euro, exercising its powers under the Treaties. On the basis of those powers and in accordance with the legal framework set out in this Regulation, the European Central Bank should thus be able to issue the digital euro six months after the entry into force of this Regulation, and in what amounts, and other particular measures that are intrinsically connected to its issuance, in addition to banknotes and coins.

Or. en

Amendment 355

Sirpa Pietikäinen

Proposal for a regulation

Recital 8

Text proposed by the Commission

Amendment

(8) It is therefore necessary to lay down a legal framework for establishing a digital form of the euro with the status of legal tender, for use by people, businesses and public authorities in the euro area. As a new form of the euro available to the general public, the digital euro should have important societal and economic consequences. It is therefore necessary to establish the digital euro and to regulate its main characteristics, as a measure of monetary law. The European Central Bank is competent to issue and to authorise the issuance of the digital euro by national central banks of the Member States whose currency is the euro, exercising its powers under the Treaties. On the basis of those powers and in accordance with the legal framework set out in this Regulation, the European Central Bank should thus be able to decide whether to issue the digital euro, at which times and in what amounts, and other particular measures that are intrinsically connected to its issuance, in addition to banknotes and coins.

(8) It is therefore necessary to lay down a legal framework for establishing a digital form of the euro with the status of legal tender, for use by people, businesses and public authorities in the euro area. As a new form of the euro available to the general public, the digital euro should have important societal and economic consequences. It is therefore necessary to establish the digital euro and to regulate its main characteristics, as a measure of monetary law. The European Central Bank is the most competent and suited to issue and to authorise the issuance of the digital euro by national central banks of the Member States whose currency is the euro, exercising its powers under the Treaties. On the basis of those powers and in accordance with the legal framework set out in this Regulation, the European Central Bank should thus be able to decide whether to issue the digital euro, at which times and in what amounts, and other particular measures that are intrinsically connected to its issuance, in addition to banknotes and coins.

Or. en

Amendment 356

Fernando Navarrete Rojas, Markus Ferber, Stefan Berger, Daniel Caspary, Ralf Seekatz, Christophe Gomart, Isabel Benjumea Benjumea, Antonio López-Istúriz White, Lídia Pereira

Proposal for a regulation

Recital 8 a (new)

Text proposed by the Commission

Amendment

(8a) The offline digital euro, understood as a tokenised form of cash enabling device-to-device payments without recourse to ECB ledger payments infrastructure, is a key instrument for ensuring operational resilience, privacy and universal access to central-bank money in a digital environment. Its establishment should be secured under any scenario, independently of any decision on whether to establish an online digital euro, so that citizens can rely on a cash-like digital public means of payment that functions even in the absence of connectivity or centralised services and where these are available can be used for e-commerce transactions.

Or. en

Amendment 357

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 8 a (new)

Text proposed by the Commission

Amendment

(8a) The Union should focus solely on the development and cross-border interoperability of wholesale CBDC arrangements, including tokenised central-bank money for the settlement of securities and large-value payments.

Or. en

Amendment 358

Fernando Navarrete Rojas, Markus Ferber, Stefan Berger, Daniel Caspary, Ralf Seekatz, Christophe Gomart, Isabel Benjumea Benjumea, Antonio López-Istúriz White

Proposal for a regulation

Recital 8 b (new)

Text proposed by the Commission

Amendment

(8b) The online digital euro must be conceived as an instrument of last resort, to be considered only where competitive, sovereign, pan-European private solutions are not able, within a reasonable timeframe, to provide the level of interoperability, resilience and euro-area coverage required to meet the Union’s payment sovereignty objectives. Any step towards an ECB retail account-based payments infrastructure for online retail payments should therefore remain strictly conditional, temporary and proportionate, and subject to periodic reassessment against clear criteria linked to market developments.

Or. en

Amendment 359

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 8 b (new)

Text proposed by the Commission

Amendment

(8b) The establishment of the digital euro initially should focus solely one the offline digital euro, since its use would strengthen the resilience of the payment system in extraordinary situations, reduce overdependence on payment solutions and technologies under the ultimate control of third countries or entities from third countries and preserve citizens’ privacy concerns.

Or. en

Amendment 360

Fernando Navarrete Rojas, Markus Ferber, Stefan Berger, Daniel Caspary, Ralf Seekatz, Christophe Gomart, Isabel Benjumea Benjumea, Antonio López-Istúriz White, Regina Doherty, Michalis Hadjipantela, Martine Kemp

Proposal for a regulation

Recital 8 c (new)

Text proposed by the Commission

Amendment

(8c) This Regulation should establish a framework ensuring fair competition and balanced incentives for both the Eurosystem and private market participants. It should neither predetermine the outcome between private European solutions and the online digital euro, nor create regulatory or financial advantages that would effectively transform the online digital euro into a dominant stationary public platform. Instead, the Union should ensure that, within a clear set of rules on safety, interoperability, data protection and financial stability, the solution that best serves users in a cost-effective way and delivers pan-European reach most effectively can prevail.

Or. en

Amendment 361

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 8 c (new)

Text proposed by the Commission

Amendment

(8c) In order to ensure proportionality and market competitiveness, the establishment of the online digital euro should be abandoned, in order to not to crowd out existing or discourage future private sovereign retail payment solutions emerging from the market.

Or. en

Amendment 362

Fernando Navarrete Rojas, Markus Ferber, Stefan Berger, Daniel Caspary, Ralf Seekatz, Christophe Gomart, Isabel Benjumea Benjumea, Antonio López-Istúriz White

Proposal for a regulation

Recital 8 d (new)

Text proposed by the Commission

Amendment

(8d) To preserve incentives for continuous innovation by private European payment providers, any decision establishing an online digital euro for online retail payments should be accompanied by a clear commitment to reassess its necessity in light of market developments. After a defined period, the Commission should conduct an in-depth review of its impact on competition, innovation and on the viability of private pan-European schemes. Where such a review concludes that a European private solution provides equivalent or superior coverage, resilience and governance safeguards, the Commission should consider proposing appropriate legislative amendments, including the scaling back or phasing out of the online digital euro.

Or. en

Amendment 363

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 9

Text proposed by the Commission

Amendment

(9) Like euro banknotes and coins, the digital euro should be a direct liability of the European Central Bank or of the national central banks of the Member States whose currency is the euro towards digital euro users. The digital euro should be issued for an amount equal to the face value of the corresponding liability on the consolidated balance sheet of the European Central Bank and the national central banks of the Member States whose currency is the euro, in particular by converting payment service providers’ central bank reserves into digital euro holdings, to satisfy demand from digital euro users. To hold and use digital euros, digital euro users should only need to establish a contractual relationship with payment service providers distributing the digital euro to open digital euro payment accounts. No account or other contractual relationship would be established between the digital euro user and the European Central Bank or the national central banks. Payment service providers should manage the digital euro accounts of digital euro users on their behalf and provide them with digital euro payment services. Since payment service providers are not a party to the direct liability held by digital euro users towards the European Central Bank and the national central banks of the Member States whose currency is the euro, and are acting on behalf of digital euro users, the insolvency of payment service providers would not affect digital euro users.

deleted

Or. en

Amendment 364

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 9

Text proposed by the Commission

Amendment

(9) Like euro banknotes and coins, the digital euro should be a direct liability of the European Central Bank or of the national central banks of the Member States whose currency is the euro towards digital euro users. The digital euro should be issued for an amount equal to the face value of the corresponding liability on the consolidated balance sheet of the European Central Bank and the national central banks of the Member States whose currency is the euro, in particular by converting payment service providers’ central bank reserves into digital euro holdings, to satisfy demand from digital euro users. To hold and use digital euros, digital euro users should only need to establish a contractual relationship with payment service providers distributing the digital euro to open digital euro payment accounts and should not be presented with a default option to link their digital payment account to a non-digital payment account. No account or other contractual relationship would be established between the digital euro user and the European Central Bank or the national central banks, unless the latter assume a role in the distribution of the digital euro as PSP. Moreover, Member States should ensure full access to digital euro payment services through a public distributor, which should have the explicit mandate to promote inclusiveness. Payment service providers should manage the digital euro accounts of digital euro users on their behalf and provide them with digital euro payment services. Since payment service providers are not a party to the direct liability held by digital euro users towards the European Central Bank and the national central banks of the Member States whose currency is the euro, and are acting on behalf of digital euro users, the insolvency of payment service providers would not affect digital euro users. Under no circumstances would the payment service provider become the owner of, or have any property interest in, the rights represented by digital euros upon the opening of the accounts for digital euro users.

Or. en

Amendment 365

Gilles Boyer, Stéphanie Yon-Courtin, Billy Kelleher, Ľudovít Ódor, Luděk Niedermayer

Proposal for a regulation

Recital 9

Text proposed by the Commission

Amendment

(9) Like euro banknotes and coins, the digital euro should be a direct liability item on the balance sheet of the European Central Bank or of the national central banks of the Member States whose currency is the euro towards digital euro users. The digital euro holdings should be the property of digital users and not of the payment service providers providing digital euro services. The digital euro should be issued for an amount equal to the face value of the corresponding liability item on the consolidated balance sheet of the European Central Bank and the national central banks of the Member States whose currency is the euro, in particular by converting payment service providers’ central bank reserves into digital euro holdings, to satisfy demand from digital euro users. To hold and use digital euros, digital euro users should only need to establish a contractual relationship with payment service providers distributing the digital euro to open digital euro payment accounts. No account or other contractual relationship would be established between the digital euro user and the European Central Bank or the national central banks. Payment service providers should manage the digital euro accounts of digital euro users on their behalf and provide them with digital euro payment services. Since payment service providers are not a party to the direct liability held by digital euro users towards the European Central Bank and the national central banks of the Member States whose currency is the euro, and are acting on behalf of digital euro users, the insolvency of payment service providers would not affect digital euro users.

Or. en

Amendment 366

Regina Doherty

Proposal for a regulation

Recital 9 a (new)

Text proposed by the Commission

Amendment

(9a) The digital euro should be considered an immaterial asset giving rise to in rem rights as a matter of Union law and in the context of national private law. This legal nature should apply to both the online and the offline version, irrespective of their respective technical configuration, as both variants of the digital euro should be fungible at par between each other. Digital euro users should remain the only owners of, or holders of property interests in, the rights represented by digital euros, even though digital euro users access and use their holdings through their respective payment service providers. This is without prejudice to any underlying obligation between the payer and the payee. Under no circumstances should the payment service provider be considered, for the sole fact that it provides digital euro payment services, the owner of, or to have any property interest in, the rights represented by digital euros upon the opening of the digital euro payment accounts for the benefit of digital euro users. The digital euro holdings and the means of access thereto should thus be beyond the reach of creditors of the payment service providers. In particular, insolvency proceedings against payment service providers should not affect digital euro users. As long as the Member States comply with the treatment of the digital euro as an immaterial asset and to the extent that a matter is not regulated in this Regulation, the relevant national rules of private law apply.

Or. en

Amendment 367

Luděk Niedermayer, Martine Kemp

Proposal for a regulation

Recital 9 a (new)

Text proposed by the Commission

Amendment

(9a) The full scale introduction of the digital euro should build on the European Central Bank’s testing, assessment and preparatory work, which provide a sufficient basis for its safe and orderly launch. Additional preconditions for its introduction should be avoided in order to ensure an efficient and timely deployment of the digital euro.

Or. en

Amendment 368

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 10

Text proposed by the Commission

Amendment

(10) The digital euro should be governed by the provisions of this Regulation. They may be supplemented by the delegated acts that the Commission is empowered to adopt pursuant to Articles 11, 34, 35, 36 and 38, and by the implementing acts that the Commission is empowered to adopt pursuant to Article 37. In addition, within the framework of this Regulation and its delegated acts, the European Central Bank may adopt detailed measures, rules and standards pursuant to its own competences. Where such measures, rules and standards have an impact on the protection of individual’s rights and freedoms with regard to the processing of personal data, the European Central Bank should consult the European Data Protection Supervisor. To ensure legal certainty, the Regulation also clarifies that the digital euro is subject to Directive (EU) 2015/849 of the European Parliament and of the Council, of 20 May 2015, on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and to Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds, without prejudice to the adjusted anti-money laundering and counter terrorist financing framework laid down in this regulation for offline digital euro payment transactions. Digital euro payment transactions and the related payment services are also subject to Directive (EU) 2015/2366 of the European Parliament and of the Council, of 25 November 2015, on payment services in the internal market, as amended by Directive [please insert reference - proposal for a Directive of the European Parliament and of the Council on payment services and electronic money services in the internal market amending Directive 98/26/EC and repealing Directives 2015/2366/EU and 2009/110/EC - COM(2023) 366 final] which has provided that ‘funds’ include central bank money issued for retail use (i.e. banknotes, coins and central bank digital currencies), and to Regulation (EU) 2021/1230 on cross border payments.

(10) The digital euro should be governed by the provisions of this Regulation. They may be supplemented by the delegated acts that the Commission is empowered to adopt pursuant to Articles 3, 11, 16, 34, 35, 36, 37 and 38. Where such measures, rules and standards have an impact on the protection of individual’s rights and freedoms with regard to the processing of personal data, the European Central Bank should consult the European Data Protection Supervisor and national data protection authorities. To ensure legal certainty, the Regulation also clarifies that the digital euro is subject to Directive (EU) 2015/849 of the European Parliament and of the Council, of 20 May 2015, on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and to Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds, without prejudice to the adjusted anti-money laundering and counter terrorist financing framework laid down in this regulation for offline digital euro payment transactions. Digital euro payment transactions and the related payment services are also subject to Directive (EU) 2015/2366 of the European Parliament and of the Council, of 25 November 2015, on payment services in the internal market, as amended by Directive [please insert reference - proposal for a Directive of the European Parliament and of the Council on payment services and electronic money services in the internal market amending Directive 98/26/EC and repealing Directives 2015/2366/EU and 2009/110/EC - COM(2023) 366 final] which has provided that ‘funds’ include central bank money issued for retail use (i.e. banknotes, coins and central bank digital currencies), and to Regulation (EU) 2021/1230 on cross border payments.

Or. en

Amendment 369

Gilles Boyer, Stéphanie Yon-Courtin, Billy Kelleher, Ľudovít Ódor

Proposal for a regulation

Recital 10

Text proposed by the Commission

Amendment

(10) The digital euro should be governed by the provisions of this Regulation. They may be supplemented by the delegated acts that the Commission is empowered to adopt pursuant to Articles 11, 16, 34, 35, 36, 37 and 38, and by the implementing acts that the Commission is empowered to adopt pursuant to Articles 17, 17a, 17b, 17c, 17d, and 33. In addition, within the framework of this Regulation and its delegated acts, the European Central Bank may adopt detailed measures, rules and standards pursuant to its own competences. In order to ensure broad public support for the digital euro, a high market adoption is key. Therefore when designing its rulebook the ECB shall ensure frequent and detailed consultations with all relevant stakeholders in order to ensure that they have the frequent possibility to provide input and feedback throughout the process. Relevant stakeholders able to contribute to consultations include payment service providers, merchants, and consumers. Where such measures, rules and standards have an impact on the protection of individual’s rights and freedoms with regard to the processing of personal data, the European Central Bank should consult the European Data Protection Supervisor. To ensure legal certainty, the Regulation also clarifies that the digital euro is subject to Directive (EU) 2015/849 of the European Parliament and of the Council, of 20 May 2015, on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and to Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds, without prejudice to the adjusted anti-money laundering and counter terrorist financing framework laid down in this regulation for offline digital euro payment transactions. Digital euro payment transactions and the related payment services are also subject to Directive (EU) 2015/2366 of the European Parliament and of the Council, of 25 November 2015, on payment services in the internal market, as amended by Directive [please insert reference - proposal for a Directive of the European Parliament and of the Council on payment services and electronic money services in the internal market amending Directive 98/26/EC and repealing Directives 2015/2366/EU and 2009/110/EC - COM(2023) 366 final] which has provided that ‘funds’ include central bank money issued for retail use (i.e. banknotes, coins and central bank digital currencies), and to Regulation (EU) 2021/1230 on cross border payments.

Or. en

Amendment 370

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 10

Text proposed by the Commission

Amendment

(10) The digital euro should be governed by the provisions of this Regulation. They may be supplemented by the delegated acts that the Commission is empowered to adopt pursuant to Articles 11, 34, 35, 36 and 38, and by the implementing acts that the Commission is empowered to adopt pursuant to Article 37. In addition, within the framework of this Regulation and its delegated acts, the European Central Bank may adopt detailed measures, rules and standards pursuant to its own competences. Where such measures, rules and standards have an impact on the protection of individual’s rights and freedoms with regard to the processing of personal data, the European Central Bank should consult the European Data Protection Supervisor. Exceptions and limits to mandatory acceptance can only occur where another public policy objective should supersede legal tender and always in strict adherence to the principle of proportionality. To ensure legal certainty, the Regulation also clarifies that the digital euro is subject to Directive (EU) 2015/849 of the European Parliament and of the Council, of 20 May 2015, on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and to Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds, without prejudice to the adjusted anti-money laundering and counter terrorist financing framework laid down in this regulation for offline digital euro payment transactions. Digital euro payment transactions and the related payment services are also subject to Directive (EU) 2015/2366 of the European Parliament and of the Council, of 25 November 2015, on payment services in the internal market, as amended by Directive [please insert reference - proposal for a Directive of the European Parliament and of the Council on payment services and electronic money services in the internal market amending Directive 98/26/EC and repealing Directives 2015/2366/EU and 2009/110/EC - COM(2023) 366 final] which has provided that ‘funds’ include central bank money issued for retail use (i.e. banknotes, coins and central bank digital currencies), and to Regulation (EU) 2021/1230 on cross border payments.

Or. en

Amendment 371

Markus Ferber

Proposal for a regulation

Recital 10

Text proposed by the Commission

Amendment

(10) The digital euro should be governed by the provisions of this Regulation. They may be supplemented by the delegated acts that the Commission is empowered to adopt pursuant to Article 38, and by the implementing acts that the Commission is empowered to adopt pursuant to Article 37. In addition, within the framework of this Regulation and its delegated acts, the European Central Bank may adopt detailed measures, rules and standards pursuant to its own competences. Where such measures, rules and standards have an impact on the protection of individual’s rights and freedoms with regard to the processing of personal data, the European Central Bank should consult the European Data Protection Supervisor. To ensure legal certainty, the Regulation also clarifies that the digital euro is subject to Directive (EU) 2015/849 of the European Parliament and of the Council, of 20 May 2015, on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and to Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds, without prejudice to the adjusted anti-money laundering and counter terrorist financing framework laid down in this regulation for offline digital euro payment transactions. Digital euro payment transactions and the related payment services are also subject to Directive (EU) 2015/2366 of the European Parliament and of the Council, of 25 November 2015, on payment services in the internal market, as amended by Directive [please insert reference - proposal for a Directive of the European Parliament and of the Council on payment services and electronic money services in the internal market amending Directive 98/26/EC and repealing Directives 2015/2366/EU and 2009/110/EC - COM(2023) 366 final] which has provided that ‘funds’ include central bank money issued for retail use (i.e. banknotes, coins and central bank digital currencies), and to Regulation (EU) 2021/1230 on cross border payments.

Or. en

Amendment 372

Jonás Fernández, Aurore Lalucq, Carla Tavares, Thomas Bajada, Eero Heinäluoma, César Luena, Costas Mavrides

Proposal for a regulation

Recital 10

Text proposed by the Commission

Amendment

(10) The digital euro should be governed by the provisions of this Regulation. They may be supplemented by the delegated acts that the Commission is empowered to adopt pursuant to Articles 34, 35, 36 and 38, and by the implementing acts that the Commission is empowered to adopt pursuant to Article 37. In addition, within the framework of this Regulation and its delegated acts, the European Central Bank may adopt detailed measures, rules and standards pursuant to its own competences. Where such measures, rules and standards have an impact on the protection of individual’s rights and freedoms with regard to the processing of personal data, the European Central Bank should consult the European Data Protection Supervisor. To ensure legal certainty, the Regulation also clarifies that the digital euro is subject to Directive (EU) 2015/849 of the European Parliament and of the Council, of 20 May 2015, on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and to Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds, without prejudice to the adjusted anti-money laundering and counter terrorist financing framework laid down in this regulation for offline digital euro payment transactions. Digital euro payment transactions and the related payment services are also subject to Directive (EU) 2015/2366 of the European Parliament and of the Council, of 25 November 2015, on payment services in the internal market, as amended by Directive [please insert reference - proposal for a Directive of the European Parliament and of the Council on payment services and electronic money services in the internal market amending Directive 98/26/EC and repealing Directives 2015/2366/EU and 2009/110/EC - COM(2023) 366 final] which has provided that ‘funds’ include central bank money issued for retail use (i.e. banknotes, coins and central bank digital currencies), and to Regulation (EU) 2021/1230 on cross border payments.

Or. en

Amendment 373

Fernando Navarrete Rojas, Markus Ferber, Stefan Berger, Daniel Caspary, Ralf Seekatz, Christophe Gomart, Isabel Benjumea Benjumea, Antonio López-Istúriz White

Proposal for a regulation

Recital 10 a (new)

Text proposed by the Commission

Amendment

(10a) Given the advanced development of several European private payment initiatives aiming to deliver interoperable payment solutions, it is essential that this Regulation does not pre-empt or crowd out these initiatives before their potential is fully assessed. The legislative framework should therefore avoid establishing an online digital euro as the default solution, and instead provide sufficient time, regulatory certainty and interoperability conditions for private European schemes to be deployed, evaluated and, where appropriate, recognised as achieving the Union’s objectives of payment sovereignty, resilience and competitiveness while being prepared to immediately fill the gap if these objectives are not fully met.

Or. en

Amendment 374

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 11

Text proposed by the Commission

Amendment

(11) To ensure the effective protection of the legal tender status of the digital euro as a single currency throughout the euro area, and the acceptance of payments in digital euro, rules on sanctions for infringements should be introduced and applied in the Member States.

deleted

Or. en

Amendment 375

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 13

Text proposed by the Commission

Amendment

deleted

Or. en

Amendment 376

Regina Doherty

Proposal for a regulation

Recital 13

Text proposed by the Commission

Amendment

Or. en

Amendment 377

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 13

Text proposed by the Commission

Amendment

(13) Member States, their relevant authorities and payment service providers should deploy information and educational measures to ensure the necessary level of awareness and knowledge of the different aspects of the digital euro, including the benefits of its use as well as its characteristics relating to the protection and exercise of fundamental rights and freedoms.

Or. en

Amendment 378

Sirpa Pietikäinen

Proposal for a regulation

Recital 13

Text proposed by the Commission

Amendment

(13) Member States, their relevant authorities and payment service providers should deploy information and educational measures to ensure the necessary level of awareness and knowledge of the different aspects of the digital euro. It is especially pertinent to preserve the trust and credibility in the digital euro by means of a European Central Bank led development. Moreover, the protection and inclusion of people in vulnerable or disadvantaged positions as well as people with disabilities when developing and utilising an accessible and easy-to-use digital currency is best achieved with a public lead on the project.

Or. en

Amendment 379

Pasquale Tridico

on behalf of The Left Group

Jussi Saramo

Proposal for a regulation

Recital 13

Text proposed by the Commission

Amendment

(13) Member States, their relevant authorities and payment service providers should deploy information and educational measures to ensure the necessary level of awareness and knowledge of the different aspects of the digital euro. In particular, they should work proactively to ensure that the digital euro is accessible to all segments of society, including vulnerable groups, marginalised communities and underserved populations, and should prioritise outreach and information efforts so that citizens are able to understand, access and use the digital euro effectively.

Or. en

Amendment 380

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Proposal for a regulation

Recital 13

Text proposed by the Commission

Amendment

(13) Member States, their relevant authorities and payment service providers should deploy information and educational measures to ensure the necessary level of awareness and knowledge of the different aspects of the digital euro. In particular, they should actively facilitate measures to make it accessible to all parts of society, including vulnerable groups, marginalized communities, and underserved populations, prioritizing outreach and education efforts to ensure that citizens understand how to access and use the digital euro effectively.

Or. en

Amendment 381

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 16

Text proposed by the Commission

Amendment

(16) Just like with cards and other forms of digital payments, citizens, merchants and financial institutions should remain free to choose whether to accept payments in digital euro. Giving the digital euro legal tender status would create a competitive advantage to the digital euro, while competing with private alternatives.

Or. en

Amendment 382

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Proposal for a regulation

Recital 16

Text proposed by the Commission

Amendment

(16) The digital euro, as a digital currency with the status of legal tender denominated in euro issued by the European Central Bank and national central banks of the Member States whose currency is the euro, as part of the Eurosystem, should be widely accessible, usable and accepted as a means of payment. Granting legal tender status to the digital euro should support its usability in payments across the euro area and thus also support the efforts to ensure the continued availability and accessibility of central bank money in its role of monetary anchor and day-to-day payment instrument, as cash alone cannot address the needs of a rapidly digitalising economy. In addition, the mandatory acceptance of payments in digital euro as one of the main conditions of the legal tender status ensures that people and businesses benefit from a wide acceptance and have a real choice to pay with central bank money in a digital way and in a uniform manner throughout the euro area. Lastly, the introduction of a digital euro should aim to preserve and adapt the fundamental rights of individuals to not just use, but also access and hold central bank money, a right that has been unrestricted for physical cash. The digital euro should not merely function as a payment instrument but must also guarantee the continuation of this right in the digital age, safeguarding financial inclusion, maintaining monetary sovereignty, and fostering public confidence in the euro as the currency of the European Union.

Or. en

Amendment 383

Pasquale Tridico

on behalf of The Left Group

Jussi Saramo

Proposal for a regulation

Recital 16

Text proposed by the Commission

Amendment

(16) The digital euro, as a digital currency with the status of legal tender denominated in euro issued by the European Central Bank and national central banks of the Member States whose currency is the euro, as part of the Eurosystem, should be widely accessible, usable and accepted as a means of payment. Granting legal tender status to the digital euro should support its usability in payments across the euro area and thus also support the efforts to ensure the continued availability and accessibility of central bank money in its role of monetary anchor, as cash alone cannot address the needs of a rapidly digitalising economy. In addition, the mandatory acceptance of payments in digital euro as one of the main conditions of the legal tender status ensures that people and businesses benefit from a wide acceptance and have a real choice to pay with central bank money in a digital way and in a uniform manner throughout the euro area. Lastly, the introduction of a digital euro should seek to safeguard and translate into the digital environment the fundamental right of individuals not only to use but also to access and hold central bank money, a right that has long been unrestricted in relation to physical cash. The digital euro should therefore serve not only as a payment instrument but also as a means of preserving this right in a digital context, thereby supporting financial inclusion, reinforcing monetary sovereignty, and sustaining public trust in the euro as the currency of the Union.

Or. en

Amendment 384

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 16 a (new)

Text proposed by the Commission

Amendment

(16a) Digital euro users can choose freely whether to conduct digital euro transactions online or offline subject to the limits set out by this Regulation. The online use of the digital euro results into transactions which are equivalent to PSD2 transactions and are governed by Article 34 of this Regulation (on holding limits). The offline use of the digital euro could be subject to lower holding limits and limitations in terms of size of transaction in line with existing AML and with Article 37 of this Regulation. Limits to offline use are subject to a proportionality analysis of a specific threshold, to be conducted by the European Commission. The online and offline use of digital euro are complimentary and synergistic resulting into a single form of currency and a uniform mode of payment throughout all the Eurozone members.

Or. en

Amendment 385

Giovanni Crosetto, Denis Nesci, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta

Proposal for a regulation

Recital 16 a (new)

Text proposed by the Commission

Amendment

(16a) To ensure that all individuals can effectively access and use the digital euro, the ECB and the national central banks of the euro area should, during the initial roll-out phase (5 years), provide temporary economic incentives for distributors, acquirers and merchants subject to mandatory acceptance, including a temporary derogation from the general rules on merchant service charges. In particular, low-value digital euro payments made at physical points of sale should not be subject to such fees, in order to promote early adoption, facilitate merchant acceptance, especially by micro and small enterprises, and support financial inclusion.

Or. en

Amendment 386

Auke Zijlstra

Proposal for a regulation

Recital 16 a (new)

Text proposed by the Commission

Amendment

(16a) It is unclear how digital euros are classified as property rights within the euro area Member States. Until this question is answered, or until Member States are required to clarify this in national legislation prior to the initial issuance, it remains uncertain whether — and how — digital euros can be transferred, pledged, or recourse can be taken.

Or. en

Amendment 387

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Proposal for a regulation

Recital 16 a (new)

Text proposed by the Commission

Amendment

(16a) To ensure that all individuals can effectively access and use the digital euro, the ECB and national central banks of the euro area should provide temporary economic incentives for distributors, acquirers and merchants subject to mandatory acceptance during the initial roll-out phase (3 years).

Or. en

Amendment 388

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 16 b (new)

Text proposed by the Commission

Amendment

(16b) The online use of the digital euro could be introduced at the same or different time with the offline use of digital euro, subject to infrastructure development and taking into account best in class practices at the time of issuance, in line with the principle of technology neutrality. This must take into consideration integrated resource planning methodology in leveraging existing infrastructure, where applicable, in order to avoid redundant investments. Least cost criteria and cost/benefit analysis must be applied throughout and guide the thinking in which phases of the project to launch first. The ECB must provide a cost benefit analysis and submit a relevant report to the European Parliament on a semi-annual basis.

Or. en

Amendment 389

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Eero Heinäluoma

Proposal for a regulation

Recital 16 c (new)

Text proposed by the Commission

Amendment

(16c) The use of the online and offline versions of the digital euro implies considerable learning costs from the part of European citizens. In line with the principle of preparedness by design and for the purpose of habituating European citizens with the use of the digital, the ECB is mandated to introduce the online and offline modalities of the digital euro, at the earliest possible time and at the necessary level of readiness, subject to reasonable limitations and without regard as to which comes first.

Or. en

Amendment 390

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 17

Text proposed by the Commission

Amendment

(17) The digital euro should have legal tender status for offline digital euro payment transactions occurring within in the euro area, similarly to euro banknotes and coins which have legal tender status in the euro area. The digital euro should also have legal tender status for online digital euro payment transactions made to a payee residing or established in the euro area, where the payer is also residing or established in the euro area. Similarly, the digital euro should have legal tender status for online digital euro payment transactions made to a payee residing or established in the euro area, where the payer is not residing or established in the euro area.

deleted

Or. en

Amendment 391

Luděk Niedermayer

Proposal for a regulation

Recital 17 a (new)

Text proposed by the Commission

Amendment

(17a) For the purposes of Article 9, point (b), legitimate, technical and temporary grounds for refusing a digital euro payment should be understood as objective circumstances beyond the control of the payee that prevent the proper execution of the transaction. Such grounds may include, in particular, disruptions of communication networks, failures or malfunctioning of payment devices or terminals, or temporary unavailability of the digital euro infrastructure. These grounds should be strictly temporary, proportionate, and remedied as soon as reasonably possible.

Or. en

Amendment 392

Jonás Fernández, Aurore Lalucq, Carla Tavares, Thomas Bajada, Eero Heinäluoma, César Luena, Costas Mavrides

Proposal for a regulation

Recital 18

Text proposed by the Commission

Amendment

(18) [...]

deleted

Or. en

Amendment 393

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 18

Text proposed by the Commission

Amendment

[...]

deleted

Or. en

Amendment 394

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Proposal for a regulation

Recital 18

Text proposed by the Commission

Amendment

(18) Since the digital euro requires the capacity to accept digital means of payment, imposing an obligation of mandatory acceptance of payments in digital euro on all payees could be disproportionate. To this end, exceptions to the mandatory acceptance of payments in digital euro should be provided for natural persons acting in the course of a purely personal or household activity. Exceptions to mandatory acceptance should also be provided for microenterprises, which are particularly important in the euro area for the development of entrepreneurship job creation and innovation, playing a vital role in shaping the economy. Union policies and actions should reduce regulatory burdens for enterprises of this size. Exceptions to mandatory acceptance should also be provided for non-profit legal entities which promote the public interest and serve the public good performing a variety of goals of societal interest, including equity, education, health, environmental protection and human rights. For microenterprises and non-profit legal entities, the acquisition of the required infrastructure and the acceptance costs would be disproportionate. They should therefore be exempted from the obligation to accept payments in digital euro. In such cases, other means for the settlement of monetary debts should remain available. Nevertheless, microenterprises and non-profit legal entities that accept comparable digital means of payment from payers should be subject to the mandatory acceptance of payments in digital euro. Comparable digital means of payment should include debit card payment or instant payment or other future technological solutions used at the point of interaction, but should exclude credit transfer and direct debit that are not initiated at the point of interaction. Microenterprises and non-profit legal entities that do not accept comparable digital means of payment from their payers in settlement of a debt (e.g. they only accept euro banknotes and coins), but may use digital payments in settlement of a debt to their payees (e.g. they pay with credit transfers), should not be subject to the mandatory acceptance of payments in digital euro. Finally, a payee may also refuse a payment in digital euro if the refusal is made in good faith and if the payee justifies the refusal on legitimate and temporary grounds, proportionate to concrete circumstances beyond its control, leading to an impossibility to accept payments in digital euro at the relevant time of the transaction, such as a power outage in the case of online digital euro payment transactions, or a defective device in the case of offline or online digital euro payment transactions.

(18) Since the digital euro requires the capacity to accept digital means of payment, imposing an obligation of mandatory acceptance of payments in digital euro on all payees could be disproportionate. To this end, exceptions to the mandatory acceptance of payments in digital euro should be provided for natural persons acting in the course of a purely personal or household activity. Exceptions to mandatory acceptance should also be provided for microenterprises, which are particularly important in the euro area for the development of entrepreneurship job creation and innovation, playing a vital role in shaping the economy. Exceptions to mandatory acceptance should also be provided for non-profit legal entities which promote the public interest and serve the public good performing a variety of goals of societal interest, including equity, education, health, environmental protection and human rights. For microenterprises and non-profit legal entities, the acquisition of the required infrastructure and the acceptance costs would be disproportionate. They should therefore be exempted from the obligation to accept payments in digital euro. In such cases, other means for the settlement of monetary debts should remain available. Nevertheless, microenterprises and non-profit legal entities that accept comparable digital means of payment from payers should be subject to the mandatory acceptance of payments in digital euro. Comparable digital means of payment should include debit card payment or instant payment or other future technological solutions used at the point of interaction, but should exclude credit transfer and direct debit that are not initiated at the point of interaction. Moreover, micro-enterprises should be safeguarded from excessively high fees to ensure they are encouraged to swiftly accept the digital euro. This is particularly important given that local businesses play a crucial strategic role in promoting and solidifying the digital euro as a payment tool for everyday expenses. Union policies and actions should reduce regulatory burdens for enterprises of this size. Microenterprises and non-profit legal entities that do not accept comparable digital means of payment from their payers in settlement of a debt (e.g. they only accept euro banknotes and coins), but may use digital payments in settlement of a debt to their payees (e.g. they pay with credit transfers), should not be subject to the mandatory acceptance of payments in digital euro. Finally, a payee may also refuse a payment in digital euro if the refusal is made in good faith and if the payee justifies the refusal on legitimate and temporary grounds, proportionate to concrete circumstances beyond its control, leading to an impossibility to accept payments in digital euro at the relevant time of the transaction, such as a power outage in the case of online digital euro payment transactions, or a defective device in the case of offline or online digital euro payment transactions

Or. en

Amendment 395

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 18

Text proposed by the Commission

Amendment

(18) Exceptions and limits to mandatory acceptance can only occur in strict adherence to the principle of proportionality. Since the digital euro requires the capacity to accept digital means of payment, imposing an obligation of mandatory acceptance of payments in digital euro on all payees could be in some cases disproportionate. To this end, exceptions to the mandatory acceptance of payments in digital euro should be provided for natural persons acting in the course of a purely personal or household activity. Exceptions to mandatory acceptance should also be provided for microenterprises, which are particularly important in the euro area for the development of entrepreneurship job creation and innovation, playing a vital role in shaping the economy. Union policies and actions should reduce regulatory burdens for enterprises of this size. Exceptions to mandatory acceptance should also be provided for non-profit legal entities which promote the public interest and serve the public good performing a variety of goals of societal interest, including equity, education, health, environmental protection and human rights. For microenterprises and non-profit legal entities, the acquisition of the required infrastructure and the acceptance costs would be disproportionate. They should therefore be exempted from the obligation to accept payments in digital euro. In such cases, other means for the settlement of monetary debts should remain available. Nevertheless, microenterprises and non-profit legal entities that accept comparable digital means of payment from payers should be subject to the mandatory acceptance of payments in digital euro. Digital means of payment should include debit card payment or instant payment or other future technological solutions used at the point of interaction, but should exclude credit transfer and direct debit that are not initiated at the point of interaction. Microenterprises and non-profit legal entities that do not accept digital means of payment from their payers in settlement of a debt (e.g. they only accept euro banknotes and coins) should not be subject to the mandatory acceptance of payments in digital euro. Finally, a payee may also refuse a payment in digital euro if the refusal is made in good faith and if the payee justifies the refusal on legitimate and temporary grounds, proportionate to concrete circumstances beyond its control, leading to an impossibility to accept payments in digital euro at the relevant time of the transaction, such as a power outage in the case of online digital euro payment transactions, or a defective device in the case of offline or online digital euro payment transactions.

Or. en

Amendment 396

Pasquale Tridico

on behalf of The Left Group

Jussi Saramo

Proposal for a regulation

Recital 18

Text proposed by the Commission

Amendment

(18) Since the digital euro requires the capacity to accept digital means of payment, imposing an obligation of mandatory acceptance of payments in digital euro on all payees could be disproportionate. To this end, exceptions to the mandatory acceptance of payments in digital euro should be provided for natural persons acting in the course of a purely personal or household activity. Exceptions to mandatory acceptance should also be provided for self- employed professionals acting in the course of their professional activities and microenterprises, which are particularly important in the euro area for the development of entrepreneurship job creation and innovation, playing a vital role in shaping the economy. Union policies and actions should reduce regulatory burdens for enterprises of this size. Exceptions to mandatory acceptance should also be provided for non-profit legal entities which promote the public interest and serve the public good performing a variety of goals of societal interest, including equity, education, health, environmental protection and human rights. For microenterprises and non-profit legal entities, the acquisition of the required infrastructure and the acceptance costs would be disproportionate. They should therefore be exempted from the obligation to accept payments in digital euro. In such cases, other means for the settlement of monetary debts should remain available. Nevertheless, self- employed professionals acting in the course of their professional activities, microenterprises and non-profit legal entities that accept comparable digital means of payment from payers should be subject to the mandatory acceptance of payments in digital euro. Comparable digital means of payment should include debit card payment or instant payment or other future technological solutions used at the point of interaction, but should exclude credit transfer and direct debit that are not initiated at the point of interaction. Self- employed professionals acting in the course of their professional activities, microenterprises and non-profit legal entities that do not accept comparable digital means of payment from their payers in settlement of a debt (e.g. they only accept euro banknotes and coins), but may use digital payments in settlement of a debt to their payees (e.g. they pay with credit transfers), should not be subject to the mandatory acceptance of payments in digital euro. Finally, a payee may also refuse a payment in digital euro if the refusal is made in good faith and if the payee justifies the refusal on legitimate and temporary grounds, proportionate to concrete circumstances beyond its control, leading to an impossibility to accept payments in digital euro at the relevant time of the transaction, such as a power outage in the case of online digital euro payment transactions, or a defective device in the case of offline or online digital euro payment transactions.

Or. en

Amendment 397

Markus Ferber

Proposal for a regulation

Recital 18

Text proposed by the Commission

Amendment

(18) Since the digital euro requires the capacity to accept digital means of payment, imposing an obligation of mandatory acceptance of payments in digital euro on all payees could be disproportionate. To this end, exceptions to the mandatory acceptance of payments in digital euro should be provided for natural persons acting in the course of a purely personal or household activity. Exceptions to mandatory acceptance should also be provided for small enterprises, which are particularly important in the euro area for the development of entrepreneurship job creation and innovation, playing a vital role in shaping the economy. Union policies and actions should reduce regulatory burdens for enterprises of this size. Exceptions to mandatory acceptance should also be provided for non-profit legal entities which promote the public interest and serve the public good performing a variety of goals of societal interest, including equity, education, health, environmental protection and human rights. For small enterprises and non-profit legal entities, the acquisition of the required infrastructure and the acceptance costs would be disproportionate. They should therefore be exempted from the obligation to accept payments in digital euro. In such cases, other means for the settlement of monetary debts should remain available. Nevertheless, small enterprises and non-profit legal entities that accept comparable digital means of payment from payers should be subject to the mandatory acceptance of payments in digital euro. Comparable digital means of payment should include debit card payment or instant payment or other future technological solutions used at the point of interaction, but should exclude credit transfer and direct debit that are not initiated at the point of interaction. Small enterprises and non-profit legal entities that do not accept comparable digital means of payment from their payers in settlement of a debt (e.g. they only accept euro banknotes and coins), but may use digital payments in settlement of a debt to their payees (e.g. they pay with credit transfers), should not be subject to the mandatory acceptance of payments in digital euro. Finally, a payee may also refuse a payment in digital euro if the refusal is made in good faith and if the payee justifies the refusal on legitimate and temporary grounds, proportionate to concrete circumstances beyond its control, leading to an impossibility to accept payments in digital euro at the relevant time of the transaction, such as a power outage in the case of online digital euro payment transactions, or a defective device in the case of offline or online digital euro payment transactions.

Or. en

Amendment 398

Pasquale Tridico

on behalf of The Left Group

Proposal for a regulation

Recital 18 a (new)

Text proposed by the Commission

Amendment

(18a) The settlement infrastructure for the digital euro shall comprise several physically distinct processing locations within the Union, which together ensure the resilience of the digital euro payment system. Each processing location shall be situated within an appropriate geographical distance from at least one other site and be equipped with sufficient resources to remain operational under exceptional circumstances, including blackouts or hybrid attacks. A digital euro processing site shall be capable of ensuring the continuity of important or critical settlement functions in the event of a disruption, an incident or an attack compromising the security or the services provided by another processing site.

Or. en

Amendment 399

Markus Ferber

Proposal for a regulation

Recital 19

Text proposed by the Commission

Amendment

(19) In order to ensure that additional exceptions to the mandatory acceptance of the digital euro may be introduced at a later stage if they are required, for example due to technical specificities that may appear in the future, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of the introduction of additional exceptions of a monetary law nature to the obligation to accept digital euro payment transactions, which would apply in a harmonised way across the euro area, taking into account any proposals from Member States to this end. The Commission may only adopt such exceptions if they are necessary, justified on grounds of general interest, proportionate, and preserve the effectiveness of the legal tender status of the digital euro. The power of the Commission to adopt delegated acts for the introduction of additional exceptions to the obligation to accept digital euro payment transactions should be without prejudice to the possibility for Member States, pursuant to their own powers in areas of shared competence, to adopt national legislation introducing exceptions to the mandatory acceptance deriving from the legal tender status in accordance with the conditions laid down by the Court of Justice of the European Union in its judgment in Joined Cases C-422/19 and C-423/19.

deleted

Or. en

Amendment 400

Jonás Fernández, Aurore Lalucq, Carla Tavares, Thomas Bajada, César Luena, Costas Mavrides

Proposal for a regulation

Recital 19

Text proposed by the Commission

Amendment

deleted

Or. en

Amendment 401

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 19

Text proposed by the Commission

Amendment

(19) In order to ensure that additional exceptions to the mandatory acceptance of the digital euro may be introduced at a later stage if they are required, for example due to technical specificities that may appear in the future, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of the introduction of additional exceptions of a monetary law nature to the obligation to accept digital euro payment transactions, which would apply in a harmonised way across the euro area, taking into account any proposals from Member States to this end. The Commission may only adopt such exceptions where other means of public payments (i.e. cash) are available and if they are necessary, justified on grounds of general interest, proportionate, and preserve the effectiveness of the legal tender status of the digital euro. The power of the Commission to adopt delegated acts for the introduction of additional exceptions to the obligation to accept digital euro payment transactions should be without prejudice to the possibility for Member States, pursuant to their own powers in areas of shared competence, to adopt national legislation introducing exceptions to the mandatory acceptance deriving from the legal tender status in accordance with the conditions laid down by the Court of Justice of the European Union in its judgment in Joined Cases C-422/19 and C-423/19.

Or. en

Amendment 402

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 20

Text proposed by the Commission

Amendment

(20) In order to ensure that people and businesses benefit from a wide acceptance network and are able to effectively use the digital euro in their day-to-day payments, payees who are subject to the mandatory acceptance of payments in digital euro cannot unilaterally exclude payments in digital euro. The contractual terms this agreement must be ex ante negotiated. Without prejudice to the right of freedom to conduct business or any relevant applicable law, for the purposes of this regulation, standardised contracts constituting in effect standard commercial practices, as in the case of utilities, must not preclude in a direct or indirect manner, in any of their terms, the acceptance of the digital euro.

Or. en

Amendment 403

Luděk Niedermayer, Martine Kemp

Proposal for a regulation

Recital 24

Text proposed by the Commission

Amendment

(24) Account servicing payment service providers under Directive 2015/2366 should provide funding and defunding services to their clients, regardless of their ability to provide the liquidity source for those funds in central bank money. At the request of their clients, in view of successfully carrying out funding and defunding services, account servicing payment service providers that are allowed to have an account at the central bank should provide account servicing payment service providers that are not allowed to have an account at the central bank with access to payment systems, and similarly should pass through the settlement infrastructure the transfer orders of the account servicing payment service providers that are not allowed to have an account at the central bank, in an objective, proportionate and non-discriminatory manner.

(24) Account servicing payment service providers under Directive 2015/2366 should provide funding and defunding services to their clients free of charge, regardless of their ability to provide the liquidity source for those funds in central bank money. At the request of their clients, in view of successfully carrying out funding and defunding services, account servicing payment service providers that are allowed to have an account at the central bank should provide account servicing payment service providers that are not allowed to have an account at the central bank with access to payment systems, and similarly should pass through the settlement infrastructure the transfer orders of the account servicing payment service providers that are not allowed to have an account at the central bank, in an objective, proportionate and non-discriminatory manner.

Or. en

Amendment 404

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 25

Text proposed by the Commission

Amendment

(25) For the purpose of properly enforcing any holding limits on the use of the digital euro decided upon by the European Central Bank, when on-boarding digital euro users, or during ex-post checks where appropriate, payment service providers in charge of distributing the digital euro should verify whether their prospective or existing customer already has digital euro payment accounts. The European Central Bank may support payment service providers in performing the task of enforcing any holding limits, including by establishing alone or jointly with national central banks a single access point of digital euro user identifiers and the related digital euro holding limits. The European Central Bank should implement appropriate technical and organisational measures, including state-of-the-art security and privacy-preserving measures, to ensure that the identity of individual digital euro users cannot be linked with the information in the single access point by entities other than payment service providers whose client or potential customer is the digital euro user. The European Central Bank should be controller to the extent that these activities require processing of personal data. When the European Central Bank establishes the single access point together with the national central banks, they should be joint controllers.

(25) For the purpose of properly enforcing any holding limits on the use of the digital euro decided upon by the Council, when on-boarding digital euro users, or during ex-post checks where appropriate, payment service providers in charge of distributing the digital euro should verify whether their prospective or existing customer already has digital euro payment accounts.

Or. en

Amendment 405

Luděk Niedermayer

Proposal for a regulation

Recital 25

Text proposed by the Commission

Amendment

(25) For the purpose of properly enforcing any holding limits on the use of the digital euro, such limits should be established and later adjusted, as appropriate. When on-boarding digital euro users, or during ex-post checks where appropriate, payment service providers in charge of distributing the digital euro should verify whether their prospective customer already has digital euro payment accounts and should adjust the limits accordingly to reflect overall limit. The European Central Bank may support payment service providers in performing the task of enforcing any holding limits, including by establishing alone or jointly with national central banks a single access point of digital euro user identifiers and the related digital euro holding limits. The European Central Bank should implement appropriate technical and organisational measures, including state-of-the-art security and privacy-preserving measures, to ensure that the identity of individual digital euro users cannot be linked with the information in the single access point by entities other than payment service providers whose client or potential customer is the digital euro user. The European Central Bank should be controller to the extent that these activities require processing of personal data. When the European Central Bank establishes the single access point together with the national central banks, they should be joint controllers.

Or. en

Amendment 406

Markus Ferber

Proposal for a regulation

Recital 25

Text proposed by the Commission

Amendment

(25) For the purpose of properly enforcing any holding limits on the use of the digital euro, when on-boarding digital euro users, or during ex-post checks where appropriate, payment service providers in charge of distributing the digital euro should verify whether their prospective or existing customer already has digital euro payment accounts. The European Central Bank may support payment service providers in performing the task of enforcing any holding limits, including by establishing alone or jointly with national central banks a single access point of digital euro user identifiers and the related digital euro holding limits. The European Central Bank should implement appropriate technical and organisational measures, including state-of-the-art security and privacy-preserving measures, to ensure that the identity of individual digital euro users cannot be linked with the information in the single access point by entities other than payment service providers whose client or potential customer is the digital euro user. The European Central Bank should be controller to the extent that these activities require processing of personal data. When the European Central Bank establishes the single access point together with the national central banks, they should be joint controllers.

Or. en

Justification

The holding limit is a central part of this regulation and should be determined by the co-legislator in the level 1 text.

Amendment 407

Regina Doherty

Proposal for a regulation

Recital 25

Text proposed by the Commission

Amendment

(25) For the purpose of properly enforcing any holding limits on the use of the digital euro decided upon by the European Central Bank, arising from its remit under the Treaties, when on-boarding digital euro users, or during ex-post checks where appropriate, payment service providers in charge of distributing the digital euro should verify whether their prospective or existing customer already has digital euro payment accounts. The European Central Bank may support payment service providers in performing the task of enforcing any holding limits, including by establishing alone or jointly with national central banks a single access point of digital euro user identifiers and the related digital euro holding limits. The European Central Bank should implement appropriate technical and organisational measures, including state-of-the-art security and privacy-preserving measures, to ensure that the identity of individual digital euro users cannot be linked with the information in the single access point by entities other than payment service providers whose client or potential customer is the digital euro user. The European Central Bank should be controller to the extent that these activities require processing of personal data. When the European Central Bank establishes the single access point together with the national central banks, they should be joint controllers.

Or. en

Amendment 408

Sirpa Pietikäinen

Proposal for a regulation

Recital 25

Text proposed by the Commission

Amendment

(25) For the purpose of properly enforcing any holding limit ceilings on the use of the digital euro decided upon by the European Central Bank, when on-boarding digital euro users, or during ex-post checks where appropriate, payment service providers in charge of distributing the digital euro should verify whether their prospective or existing customer already has digital euro payment accounts. The European Central Bank may support payment service providers in performing the task of enforcing any holding limits, including by establishing alone or jointly with national central banks a single access point of digital euro user identifiers and the related digital euro holding limits. The European Central Bank should implement appropriate technical and organisational measures, including state-of-the-art security and privacy-preserving measures, to ensure that the identity of individual digital euro users cannot be linked with the information in the single access point by entities other than payment service providers whose client or potential customer is the digital euro user. The European Central Bank should be controller to the extent that these activities require processing of personal data. When the European Central Bank establishes the single access point together with the national central banks, they should be joint controllers.

Or. en

Amendment 409

Paulius Saudargas, Sandra Kalniete, Liudas Mažylis

Proposal for a regulation

Recital 25 a (new)

Text proposed by the Commission

Amendment

(25a) To reinforce the preparedness of payment systems and the euro, and to ensure the usability of the digital euro in exceptional circumstances, the temporary increase of offline transaction and holding limits should be permitted, while respecting the store-of-value limits set under Article 16. Such measures may be adopted by the European Commission, either upon request of one or more affected Member States or on its own initiative, and may specify whether the increase applies to consumers or business users. Adoption by European Commission implementing act should enable rapid activation and define the necessary consultation deadlines. The implementing act shall balance money-laundering and terrorist-financing risks with the need to preserve usability, and shall take account of input from affected and other Member States and the European Central Bank. It shall also allow subsequent amendments, including to duration, scope and limits, as circumstances evolve. Continuous monitoring and information exchange between the European Commission and affected Member States shall ensure that the measures remain appropriate.

Or. en

Amendment 410

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 26

Text proposed by the Commission

Amendment

(26) To support universal access to the digital euro by the general public in the euro area, and to foster innovation and a high level of competition in the retail payment market, all the relevant intermediaries should be able to distribute the digital euro. All account servicing payment service providers under Directive 2015/2366, including credit institutions, electronic money institutions, payment institutions, post office giro institutions which are entitled under national law to provide payment services, the European Central Bank and national central banks of Member States whose currency is the euro, as part of the Eurosystem, when not acting in their capacity as monetary authority or other public authorities, and Member States or their regional or local authorities when not acting in their capacity as public authorities should be able to provide digital euro payment accounts and the related digital euro payment services, regardless of their location in the European Economic Area. Crypto asset services providers regulated under Regulation 2023/1114 of the European Parliament and of the Council29 that are account servicing payment service providers under Directive 2015/2366 should also be allowed to distribute the digital euro. In accordance with Directive 2015/2366, account servicing payment service providers should be obliged to provide access to data on payment accounts to payment initiation and account information service providers based on Application Programming Interfaces (APIs), to allow them to develop and provide innovative additional services.

deleted

_________________

29 Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937, OJ L150, 9.6.2023, p. 40

Or. en

Amendment 411

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 26

Text proposed by the Commission

Amendment

(26) To support universal access to the digital euro by the general public in the euro area, all the relevant intermediaries are mandated to distribute the digital euro. All account servicing payment service providers under Directive 2015/2366, including credit institutions, electronic money institutions, payment institutions, post office giro institutions which are entitled under national law to provide payment services, the European Central Bank and national central banks of Member States whose currency is the euro, as part of the Eurosystem, when not acting in their capacity as monetary authority or other public authorities, and Member States or their regional or local authorities when not acting in their capacity as public authorities must be able to provide digital euro payment accounts and the related digital euro payment services, regardless of their location in the European Economic Area. Crypto asset services providers regulated under Regulation 2023/1114 of the European Parliament and of the Council29 that are account servicing payment service providers under Directive 2015/2366 should also be allowed to distribute the digital euro. In accordance with Directive 2015/2366, account servicing payment service providers should be obliged to provide access to data on payment accounts to payment initiation and account information service providers based on Application Programming Interfaces (APIs), to allow them to develop and provide innovative additional services.

_________________

Or. en

Amendment 412

Fabio De Masi

Proposal for a regulation

Recital 26

Text proposed by the Commission

Amendment

(26) To support universal access to the digital euro by the general public in the euro area, and to foster innovation and a high level of competition in the retail payment market, all the relevant intermediaries should be able to distribute the digital euro. All account servicing payment service providers under Directive 2015/2366, including credit institutions, electronic money institutions, payment institutions, post office giro institutions which are entitled under national law to provide payment services, the European Central Bank and national central banks of Member States whose currency is the euro, as part of the Eurosystem, when not acting in their capacity as monetary authority or other public authorities, and Member States or their regional or local authorities when not acting in their capacity as public authorities must be able to provide digital euro payment accounts and the related digital euro payment services, regardless of their location in the European Economic Area. Crypto asset services providers regulated under Regulation 2023/1114 of the European Parliament and of the Council29 that are account servicing payment service providers under Directive 2015/2366 should also be allowed to distribute the digital euro. In accordance with Directive 2015/2366, account servicing payment service providers should be obliged to provide access to data on payment accounts to payment initiation and account information service providers based on Application Programming Interfaces (APIs), to allow them to develop and provide innovative additional services.

_________________

Or. de

Amendment 413

Sibylle Berg

Proposal for a regulation

Recital 26

Text proposed by the Commission

Amendment

(26) To support universal access to the digital euro by the general public in the euro area, and to foster innovation and a high level of competition in the retail payment market, all the relevant intermediaries should be able to distribute the digital euro. All account servicing payment service providers under Directive 2015/2366, including credit institutions, electronic money institutions, payment institutions, post office giro institutions which are entitled under national law to provide payment services, the European Central Bank and national central banks of Member States whose currency is the euro, as part of the Eurosystem, when not acting in their capacity as monetary authority or other public authorities, and Member States or their regional or local authorities when not acting in their capacity as public authorities must be able to provide digital euro payment accounts and the related digital euro payment services, regardless of their location in the European Economic Area. Crypto asset services providers regulated under Regulation 2023/1114 of the European Parliament and of the Council29 that are account servicing payment service providers under Directive 2015/2366 should also be allowed to distribute the digital euro. In accordance with Directive 2015/2366, account servicing payment service providers should be obliged to provide access to data on payment accounts to payment initiation and account information service providers based on Application Programming Interfaces (APIs), to allow them to develop and provide innovative additional services.

_________________

Or. en

Amendment 414

Luděk Niedermayer, Dirk Gotink, Martine Kemp

Proposal for a regulation

Recital 26 a (new)

Text proposed by the Commission

Amendment

(26a) The establishment of the digital euro should not disincentivise innovation or limit the capacity of the private sector to develop competitive and value-added payment solutions. The digital euro should complement, rather than crowd out, existing and future private digital payment offerings, ensuring that intermediaries retain sufficient scope to innovate and provide additional services to users. The design and governance of the digital euro should therefore promote technological neutrality and support a dynamic and innovative payments ecosystem.

Or. en

Amendment 415

Gilles Boyer, Stéphanie Yon-Courtin, Billy Kelleher, Ľudovít Ódor

Proposal for a regulation

Recital 27

Text proposed by the Commission

Amendment

Or. en

Justification

Apply change of digital euro basic services to digital euro mandatory services throughout text.

Amendment 416

Luděk Niedermayer

Proposal for a regulation

Recital 27

Text proposed by the Commission

Amendment

(27) In case the availability of the digital euro were contingent upon free business decisions by all payment service providers, the digital euro could be marginalised or even excluded by the payment service providers. That could prevent users from paying and receiving payments in a form of currency endowed with the status of legal tender. In that case, the singleness in the use of the digital euro throughout the euro area required by Article 133 TFEU, would not be guaranteed. It is therefore essential that designated payment service providers be required to distribute digital euro basic services. In the case of Member States that have not adopted the euro, it should remain at the discretion of the Member State either to conclude an agreement with the European Central Bank allowing the use of the digital euro, or to allow individual financial institutions to provide digital euro services to their customers, provided that such an agreement has been concluded.

Or. en

Amendment 417

Luděk Niedermayer, Dirk Gotink, Martine Kemp

Proposal for a regulation

Recital 27 a (new)

Text proposed by the Commission

Amendment

(27a) To ensure a uniform user experience and broad adoption, online and offline digital euro payment functionalities should be made available simultaneously at the time of launch. Making both modes operational in parallel is essential to ensure inclusiveness, resilience and uniformity.

Or. en

Amendment 418

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 28

Text proposed by the Commission

Amendment

(28) A requirement to distribute the digital euro should be proportionate to the objective of ensuring an effective use of the digital euro as a legal tender means of payment. Restricting that obligation to credit institutions that are already active in retail business services would ensure the effectiveness of legal tender status, while avoiding putting a disproportionate burden on payment service providers with specialised, non-consumer oriented business models. The obligation to distribute the digital euro is therefore limited to credit institutions providing payment account services at the request of their clients. This is without prejudice to the application of Chapter IV of the Payment Account Directive on access to payment account with basic features to the access to digital euro account with basic features to consumers which are not client of a credit institution.

deleted

Or. en

Amendment 419

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 29

Text proposed by the Commission

Amendment

(29) To ensure a wide usage of the digital euro, including for people who do not have a non-digital euro payment account, do not wish to open a digital euro payment account at a credit institution or at another payment service providers that may distribute the digital euro, or persons with disabilities, functional limitations or limited digital skills, and elderly persons, it is essential that public entities, including local or regional authorities, or postal offices, distribute the digital euro. For that purpose, Member States should designate entities that should carry out that task within their territory. Such entities, as payment services providers under Directive (EU) 2015/2366, should comply with the provisions of this Regulation, including Directive (EU) 2015/2366 and Directive (EU) 2015/849.

deleted

Or. en

Amendment 420

Pasquale Tridico

on behalf of The Left Group

Proposal for a regulation

Recital 29

Text proposed by the Commission

Amendment

(29) To ensure a wide usage of the digital euro, including by natural persons who do not have a non-digital euro payment account, do not wish to open a digital euro payment account at a credit institution or at another payment service providers that may distribute the digital euro, or persons with disabilities, functional limitations or limited digital skills, and elderly persons, it is essential that public entities, including local or regional authorities, or postal offices, provide basic and mandatory digital euro payment services and digital inclusion support services to enable the access and the use of the digital euro as legal tender. For that purpose, the list of beneficiaries of support services should not be regarded as exhaustive in such a way to allow assistance to be provided to anyone who needs it. Member States should designate entities that should carry out these tasks within their territory. Such entities, as payment services providers under Directive (EU) 2015/2366, should comply with the provisions of this Regulation, including Directive (EU) 2015/2366 and Directive (EU) 2015/849.

Or. en

Amendment 421

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 29

Text proposed by the Commission

Amendment

(29) To ensure a wide usage of the digital euro, including for people who do not have a non-digital euro payment account, do not wish to open a digital euro payment account at a credit institution or at another payment service providers that may distribute the digital euro, or persons with disabilities, functional limitations or limited digital skills, and elderly persons, it is essential that public entities, including local or regional authorities, or postal offices, distribute the digital euro ensuring full and non-discriminatory access. For that purpose, Member States should designate entities that should carry out that task within their territory. Such entities, as payment services providers under Directive (EU) 2015/2366, should comply with the provisions of this Regulation, including Directive (EU) 2015/2366 and Directive (EU) 2015/849.

Or. en

Amendment 422

Paulius Saudargas, Sandra Kalniete, Liudas Mažylis

Proposal for a regulation

Recital 29 a (new)

Text proposed by the Commission

Amendment

(29a) To safeguard continuity of digital euro payments and protect users’ access to their holdings, Member States should be able to designate authorities or other entities to provide temporary digital euro payment services in exceptional circumstances. These entities may be those designated under Article 14(3) or others within the same categories, and may operate under service agreements to limit administrative burdens. Such entities could, in normal conditions, support vulnerable users by providing basic digital euro services, and in exceptional circumstances temporarily extend these services to a broader user base. They should be members of the digital euro scheme and have completed necessary preparations. To ensure broad access while maintaining strong AML/CFT safeguards, the EBA and AMLA should issue guidelines for the policies and controls required in such situations.

Or. en

Amendment 423

Gilles Boyer, Stéphanie Yon-Courtin, Billy Kelleher, Ľudovít Ódor

Proposal for a regulation

Recital 30

Text proposed by the Commission

Amendment

(30) To enable a wide usage of the digital euro and keep pace with innovation in digital payments, digital euro payment services should include basic and additional digital euro payment services. Basic digital euro payment services are payment, account or support services that are considered essential for the use of the digital euro by natural persons. This includes inter alia the provision of at least one payment instrument to natural persons. Only account servicing payment service providers under Directive 2015/2366 should provide the entire set of basic digital euro services. In addition to these basic digital euro payment services, account servicing payment service providers and other payment service providers under Directive 2015/2366 may develop and provide additional digital euro payment services. Additional digital euro payment services include for instance conditional digital euro payment transactions like pay-per-use or payment initiation services. The digital euro infrastructure should facilitate the deployment of such optional services.

(30) To enable a wide usage of the digital euro and keep pace with innovation in digital payments, digital euro payment services should include mandatory and additional digital euro payment services. Mandatory digital euro payment services are payment, account or support services that are considered essential for the use of the digital euro by natural persons. This includes inter alia the provision of at least one physical and one non-physical payment instrument to natural persons. Only account servicing payment service providers under Directive 2015/2366 should provide the entire set of basic digital euro services. In addition to these mandatory digital euro payment services, account servicing payment service providers and other payment service providers under Directive 2015/2366 may develop and provide additional digital euro payment services. Additional digital euro payment services include for instance conditional digital euro payment transactions like pay-per-use or payment initiation services. The digital euro infrastructure should facilitate the deployment of such optional services.

Or. en

Amendment 424

Gilles Boyer, Stéphanie Yon-Courtin, Billy Kelleher, Ľudovít Ódor, Luděk Niedermayer

Proposal for a regulation

Recital 30 a (new)

Text proposed by the Commission

Amendment

(30a) With a view to enabling natural and legal persons to access and use the digital euro and to contributing to the stability of the financial system, the use of the digital euro as a store of value should be subject to limits. With a view to ensuring an effective use of the digital euro as a legal tender means of payment, and to avoiding excessive charges for merchants subject to the obligation to accept the digital euro under Chapter II, while providing compensation for the relevant costs incurred by payment services providers for the provision of digital euro payments, the level of charges or fees to be paid by natural persons or merchants to payment service providers, or between payment service providers, should be subject to limits.

Or. en

Amendment 425

Luděk Niedermayer

Proposal for a regulation

Recital 31

Text proposed by the Commission

Amendment

(31) Pursuant to its powers under the Treaties and in line with the provisions of this Regulation, the European Central Bank should be able to set limits on the use of the digital euro as a store of value. The effective use of the digital euro as a legal tender means of payment should be preserved through limits on inter-PSP or merchant fees.

(31) The limits on the use of the digital euro as a store of value should be established in this Regulation. The effective use of the digital euro as a legal tender means of payment should be preserved through limits on inter-PSP or merchant fees.

Or. en

Amendment 426

Gilles Boyer, Stéphanie Yon-Courtin, Billy Kelleher

Proposal for a regulation

Recital 31

Text proposed by the Commission

Amendment

(31) Pursuant to its powers under the Treaties and in line with the provisions of this Regulation, the European Central Bank, subject to a statutory due process involving European co-legislators, should be able to set limits on the use of the digital euro as a store of value. On the basis of the ECB’s proposal for holding limits the Commission shall adopt delegated acts. The effective use of the digital euro as a legal tender means of payment should be preserved through limits on inter-PSP or merchant fees.

Or. en

Amendment 427

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 31

Text proposed by the Commission

Amendment

(31) Pursuant to its powers under the Treaties and in line with the provisions of this Regulation, the Council should be able to set limits on the use of the digital euro as a store of value. The effective use of the digital euro as a legal tender means of payment should be preserved through limits on inter-PSP or merchant fees.

Or. en

Amendment 428

Sirpa Pietikäinen

Proposal for a regulation

Recital 31

Text proposed by the Commission

Amendment

(31) Pursuant to its powers under the Treaties and in line with the provisions of this Regulation, the European Central Bank should be able to set limit ceilings on the use of the digital euro as a store of value. The effective use of the digital euro as a legal tender means of payment should be preserved through limits on inter-PSP or merchant fees.

Or. en

Amendment 429

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 32

Text proposed by the Commission

Amendment

(32) An unrestricted use of digital euro as a store of value could endanger financial stability in the euro area, with adverse effects on credit provision to the economy by credit institutions. This may require that the European Central Bank, with a view to ensuring the stability of the financial system, and in line with the principle of proportionality, introduce limits on the digital euro’s use as a store of value. The policy tools that could be used for this purpose include, but would not be restricted to, quantitative limits to individual digital euro holdings and limits to conversion of other categories of funds to digital euro in a specified timeframe. When deciding on the parameters and use of the instruments referred to in paragraph 1, the European Central Bank should respect the principle of an open market economy with free competition, in accordance with Article 127(1) TFEU.

(32) As a liability in the ECB balance sheet, the value of the digital euro does not depend upon the solvency of the financial intermediary. It is in this respect that the digital euro can attenuate the effects of deposit withdrawals. All currency units designated as a digital euro remain anchored in the Eurosystem at any given time. And in this manner the digital euro can be used to mitigate systemic financial instability irrespective of causality, contributing to financial stability and resilience. In response to a formal request from co-legislators for technical data on the potential financial stability effects of alternative digital euro holding limits, the European Central Bank concluded that initial holding limits of up to 3000 EU per user have no impact on financial stability. A study by the Deutsche Bundesbank found that introducing a digital euro with a holding limit can actually strengthen financial-system stability and improve welfare. The same research shows that without a holding limit, the digital euro could become a “safe haven” during banking distress — prompting large deposit withdrawals from commercial banks, increasing the risk of bank run. The European Central Bank, should monitor and act within its mandate to continue to ensure the stability of the financial system. Where applicable, the policy tools that could be used for this purpose include, but would not be restricted to, quantitative limits to individual digital euro holdings.

Or. en

Amendment 430

Luděk Niedermayer

Proposal for a regulation

Recital 32

Text proposed by the Commission

Amendment

(32) An unrestricted use of digital euro as a store of value could endanger financial stability in the euro area, with adverse effects on credit provision to the economy by credit institutions. This requires the introduction of limits on the digital euro’s use as a store of value. The policy tools that could be used for this purpose include, but would not be restricted to, quantitative limits to individual digital euro holdings and limits to conversion of other categories of funds to digital euro in a specified timeframe. As there are consequences of this important feature of the digital euro for monetary policy and financial stability, the European Central Bank should provide key expertise, while the process of setting such limits should also reflect the political and democratic nature of this decision.

Or. en

Amendment 431

Markus Ferber

Proposal for a regulation

Recital 32

Text proposed by the Commission

Amendment

Or. en

Justification

The holding limit is a central part of this regulation and should be determined by the co-legislator in the level 1 text.

Amendment 432

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 32

Text proposed by the Commission

Amendment

(32) An unrestricted use of digital euro as a store of value could endanger financial stability in the euro area, with adverse effects on credit provision to the economy by credit institutions. This may require that the Council, with a view to ensuring the stability of the financial system, and in line with the principle of proportionality, introduce limits on the digital euro’s use as a store of value. The policy tools that could be used for this purpose include, but would not be restricted to, quantitative limits to individual digital euro holdings and limits to conversion of other categories of funds to digital euro in a specified timeframe. When deciding on those tools, the Council should respect the principle of an open market economy with free competition, in accordance with Article 127(1) TFEU.

Or. en

Amendment 433

Sirpa Pietikäinen

Proposal for a regulation

Recital 32

Text proposed by the Commission

Amendment

(32) An unrestricted use of digital euro as a store of value could endanger financial stability in the euro area, with adverse effects on credit provision to the economy by credit institutions. This may require that the European Central Bank, with a view to ensuring the stability of the financial system, and in line with the principle of proportionality, introduce limit ceilings on the digital euro’s use as a store of value. The policy tools that could be used for this purpose include, but would not be restricted to, quantitative limits to individual digital euro holdings and limits to conversion of other categories of funds to digital euro in a specified timeframe. When deciding on the parameters and use of the instruments referred to in paragraph 1, the European Central Bank should respect the principle of an open market economy with free competition, in accordance with Article 127(1) TFEU.

Or. en

Amendment 434

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 32 a (new)

Text proposed by the Commission

Amendment

(32a) Holding limits over private property, such as the digital euro constitute a considerable restriction on economic freedom, in respect to natural and legal persons. The Court of Justice (CJEU) has recognised economic freedom as a constitutional principle with direct effect. To balance economic freedom with any aspect of public interest, a strict proportionality test must be adhered with reference to its suitability, necessity, stricto sensu proportionality and proportionality with respect to alternative measures to maintain and to reinforce financial stability, which could in principle be more effective.

Or. en

Amendment 435

Jonás Fernández, Aurore Lalucq, Carla Tavares, César Luena, Costas Mavrides

Proposal for a regulation

Recital 32 a (new)

Text proposed by the Commission

Amendment

(32a) The ECB shall establish the same holding limit of any digital euro payment accounts to the coverage level for the aggregate deposits of each depositor established in Article 6(1) of the Directive 2014/49 of the European Parliament and of the Council1a on the deposit guarantee scheme, if after 36 months from the issuance of digital euros, the Commission proposal amending Regulation (EU) 806/2014 in order to establish a European Deposit Insurance is not in force.

_________________

1a Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, pp. 149–178, ELI: http://data.europa.eu/eli/dir/2014/49/oj).

Or. en

Amendment 436

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 32 b (new)

Text proposed by the Commission

Amendment

(32b) The European Commission, in November 2015, through a proposal to amend Regulation (EU) No 806/2014, which establishes the Single Resolution Mechanism, proposed the European Deposit Insurance Scheme (EDIS). The EDIS is the only suitable instrument to mitigate deposit withdrawals and reinforce systemic financial stability, at times of perceived volatility and to protect systemic financial stability against all threats. Delaying its implementation is essentially undermining that stability. The administrative omission in implementing the EDIS, could result into a restriction of rights in the form of an unnecessary restriction in the size of holding limits, which in itself would be a breach of EU law. Future financial regulations have to be thoroughly assessed in terms of their respective effect on financial stability, in order not to result into necessary or disproportionate restrictions in the size holding limits without establishing a proper causal relationship, where such could possibly exist.

Or. en

Amendment 437

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 32 c (new)

Text proposed by the Commission

Amendment

(32c) The digital euro should not be seen as an alternative or a substitute to the establishment of the European Deposit Insurance Scheme and the completion of the banking union, since its function as a store of value is limited. Establishing a European Deposit Insurance Scheme is a priority to maintain and reinforce financial stability. Moreover, the introduction of the digital euro might enable regulators to re-assess deposit insurance schemes, as well as other public protections and privileges of credit institutions, and the Commission is mandated to monitor and report on these opportunities.

Or. en

Amendment 438

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 32 d (new)

Text proposed by the Commission

Amendment

(32d) It is for the aforementioned reasons, that the ECB must produce a report justifying the parameters, duration and use of holding limits. This report must be submitted to the European Parliament and the European Council, on a semi-annual basis.

Or. en

Amendment 439

Luděk Niedermayer

Proposal for a regulation

Recital 33

Text proposed by the Commission

Amendment

(33) Limits should not be used to substitute for early intervention or other supervisory measures. Neither should such limits be imposed to address situations of individual credit institutions which competent resolution authorities or other relevant authorities would normally deal with by using tools and powers at their disposal, including suspensions of payment, moratoria, measures available under Directive 2013/36/EU, Directive 2014/59/EU or Regulation (EU) No 806/2014, or other similar measures which are aimed at restoring the viability, resolving the institution concerned or otherwise remedying the situation of financial distress.

(33) Limits should not, in any case, be used to substitute for early intervention or other supervisory measures. Neither should such limits be imposed to address situations of individual credit institutions which competent resolution authorities or other relevant authorities would normally deal with by using tools and powers at their disposal, including suspensions of payment, moratoria, measures available under Directive 2013/36/EU, Directive 2014/59/EU or Regulation (EU) No 806/2014, or other similar measures which are aimed at restoring the viability, resolving the institution concerned or otherwise remedying the situation of financial distress. In order to reduce such a risk, very rapid changes to the limit should not be permitted within the process for any future adjustments of that limit. Any potential change to the limit should enter into force no earlier than six months after the relevant act has entered into force.

Or. en

Amendment 440

Damian Boeselager

on behalf of the Verts/ALE Group

Proposal for a regulation

Recital 33 a (new)

Text proposed by the Commission

Amendment

(33a) In order to promote user confidence during the introductory phase of the digital euro, a maximum holding limit of zero digital euros should apply, for a period of two years from the initial issuance of the digital euro, to digital euro payment accounts held with private payment service providers. Such a temporary arrangement would allow the system to be tested, create trust in the digital euro ecosystem, while reducing the initial implementation costs for private intermediaries. It would also contribute to ensuring a seamless, uniform and accessible user experience from the outset and may also enable a faster uptake of the digital euro as a means of payment, which is necessary to strengthen the resilience of the Union payment system. During the transitional period, private payment service providers should act solely as a pass-through payment system enabling users to send and receive online digital euro transactions, while users wishing to hold digital euros or make offline payments should be able to obtain a digital euro account from public authorities or designated providers acting under service of general economic interest obligations.

Or. en

Amendment 441

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 34

Text proposed by the Commission

Amendment

(34) Digital euro users should have the choice to use the digital euro either online or offline, or both, subject to the limits set respectively by the European Central Bank and by a Commission implementing act. The payment service providers should register and de-register the local storage devices for offline digital euro payment transactions of their customers. The payment service providers should only store the identifier of the local storage device used for offline digital euro for the duration of facilitating the provision of offline digital euro to their customers. The payment service providers should implement appropriate technical and organisational measures including state-of-the-art security and privacy-preserving measures to ensure that the identifier of the device of individual digital euro users cannot be used for other purposes other than for the purpose of the provision of offline digital euro.

deleted

Or. en

Amendment 442

Gilles Boyer, Stéphanie Yon-Courtin, Billy Kelleher

Proposal for a regulation

Recital 34

Text proposed by the Commission

Amendment

(34) Digital euro users should have the choice to use the digital euro either online or offline, or both, subject to the limits set respectively by the European Central Bank and by a Commission delegated act. The payment service providers should register and de-register the local storage devices for offline digital euro payment transactions of their customers. The payment service providers should only store the identifier of the local storage device used for offline digital euro for the duration of facilitating the provision of offline digital euro to their customers. The payment service providers should implement appropriate technical and organisational measures including state-of-the-art security and privacy-preserving measures to ensure that the identifier of the device of individual digital euro users cannot be used for other purposes other than for the purpose of the provision of offline digital euro.

Or. en

Amendment 443

Luděk Niedermayer

Proposal for a regulation

Recital 34 a (new)

Text proposed by the Commission

Amendment

(34a) To provide clarity and predictability for the preparation and launch of the digital euro, an initial individual holding limit should be set at EUR 5 000 per person. That limit may be adjusted over time in order to reflect developments in the price level in the Union, as measured by the Harmonised Index of Consumer Prices (HICP), on the basis of rules laid down in this Regulation. The European Central Bank should apply those rules by calculating and publishing the resulting amount and, where their application does not imply a change in the limit, should leave the holding limit unchanged. Where a larger increase in the limit is considered necessary on the basis of analyses provided by the European Central Bank or by the European Commission, the European Commission should be empowered to adopt a delegated act to raise the limit beyond the adjustment reflecting developments in the HICP. Any such higher limit should apply only for a period of two years unless confirmed again under the same procedure.

Or. en

Amendment 444

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 35

Text proposed by the Commission

Amendment

(35) The payment service providers should register and re-register the local storage devices for offline digital euro payment transactions of their customers. The payment service providers should only store the identifier of the local storage device used for offline digital euro for the duration of facilitating the provision of offline digital euro to their customers. The payment service providers should implement appropriate technical and organisational measures including state-of-the-art security and privacy-preserving measures to ensure that the identifier of the device of individual digital euro users cannot be compared with the information about the digital euro user in order to identify the data subject, except for the purpose of Article 37.

deleted

Or. en

Amendment 445

Engin Eroglu

Proposal for a regulation

Recital 36

Text proposed by the Commission

Amendment

(36) The digital euro should allow for a smooth payment experience. Any instruments that the European Central Bank might employ to limit the digital euro’s store of value function should take this objective into account. Automated mechanisms that link a digital euro payment account with a non-digital euro payment account should allow for an uninhibited payment functionality of the digital euro, by ensuring that transactions are successfully executed in the presence of individual digital euro holding limits that may become binding on the payer’s or payee’s side. In particular, digital euro users should be able to initiate a digital euro payment transaction even though the amount of their digital euro holdings is inferior to the amount of the transaction, by automatically mobilising funds from a non-digital euro payment account to complement the transaction amount (‘reverse waterfall functionality’). Conversely, digital euro users should be able to receive digital euro payment transactions even though the amount of the transaction exceeds the limit set on their digital euro holdings, by automatically transferring funds in excess of the limit to a non-digital euro payment account (‘waterfall functionality’). Such payment functionalities should be expressly authorized by digital euro users. Where digital euro payment account held by one payment service provider is linked with non-digital euro payment account held by another payment service provider, they should enter into an arrangement specifying their respective roles and responsibilities under data protection rules, as well as agree on the security measures necessary to ensure secure transmission of personal data between the two payment service providers.

(36) Automated mechanisms that mobilise funds from linked non-digital-euro payment accounts shall not be permitted. Funding and defunding of digital euro accounts shall always require an explicit, separate, and manual action initiated by the user.

Or. en

Amendment 446

Gilles Boyer, Stéphanie Yon-Courtin, Billy Kelleher, Ľudovít Ódor, Luděk Niedermayer

Proposal for a regulation

Recital 36

Text proposed by the Commission

Amendment

(36) The digital euro should allow for a smooth payment experience and provide payment continuity also in circumstances where the online digital euro is unavailable by ensuring continued availability of offline digital euro payment transactions. Any instruments that the European Central Bank might employ to limit the digital euro’s store of value function should take this objective into account. Automated mechanisms that link a digital euro payment account with a non-digital euro payment account should allow for an uninhibited payment functionality of the digital euro, by ensuring that transactions are successfully executed in the presence of individual digital euro holding limits that may become binding on the payer’s or payee’s side. In particular, digital euro users should be able to initiate a digital euro online payment transaction even though the amount of their digital euro holdings is inferior to the amount of the transaction, by automatically mobilising funds from a non-digital euro payment account to complement the transaction amount (‘reverse waterfall functionality’). Conversely, digital euro users should be able to receive online digital euro payment transactions even though the amount of the transaction exceeds the limit set on their digital euro holdings, by automatically transferring funds in excess of the limit to a non-digital euro payment account (‘waterfall functionality’). Such payment functionalities should only apply when they have been expressly authorised by digital euro users. Merchants and self-employed persons, when acting as payees in digital euro payment transactions, may accumulate holdings of incoming digital euro payments during each business day with a single transfer of funds to the non-digital euro payment account (“waterfall functionality”) at the end of the business day, in a similar manner to how physical shops empty their cash register. In exceptional circumstances, when the non-digital euro payment account is not operationally available, the frequency of this transfer of funds may need to be extended beyond the end of the business day in order to facilitate that these merchants and self-employed persons can continue to receive digital euro payments.

Or. en

Amendment 447

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 36

Text proposed by the Commission

Amendment

(36) The digital euro should allow for a smooth payment experience and provide payment continuity also in circumstances where the online digital euro is unavailable by ensuring continued availability of offline payments. Any instruments that the European Central Bank might employ to limit the digital euro’s store of value function should take this objective into account. Automated mechanisms that link a digital euro payment account with a non-digital euro payment account should allow for an uninhibited payment functionality of the digital euro, by ensuring that transactions are successfully executed in the presence of individual digital euro holding limits that may become binding on the payer’s or payee’s side. In particular, digital euro users should be able to initiate a digital euro payment transaction even though the amount of their digital euro holdings is inferior to the amount of the transaction, by automatically mobilising funds from a non-digital euro payment account to complement the transaction amount (‘reverse waterfall functionality’). Conversely, digital euro users should be able to receive digital euro payment transactions even though the amount of the transaction exceeds the limit set on their digital euro holdings, by automatically transferring funds in excess of the limit to a non-digital euro payment account (‘waterfall functionality’). If the non-digital euro account of a natural person is not operationally available, the incoming digital euro payments exceeding the holding limit will be automatically transferred as soon as the non-digital euro account becomes available. Such payment functionalities should be expressly authorized by digital euro users. Merchants and self-employed persons who are typically acting as payees in digital euro payment transactions may accumulate holdings of incoming digital euro payments during the day with a single transfer of funds to the non-digital euro payment account (“waterfall functionality”) at the end of the business day, similarly to how physical shops empty their cash register. In exceptional circumstances where the non-digital euro payment account is not operationally available, the frequency of this transfer of funds may need to be extended beyond the end of the business day in order to facilitate that these merchants and self-employed persons can continue to receive digital euro payments. Where digital euro payment account held by one payment service provider is linked with non-digital euro payment account held by another payment service provider, they should enter into an arrangement specifying their respective roles and responsibilities under data protection rules, as well as agree on the security measures necessary to ensure secure transmission of personal data between the two payment service providers.

Or. en

Amendment 448

Jussi Saramo

Proposal for a regulation

Recital 36

Text proposed by the Commission

Amendment

(36) The digital euro should allow for a smooth payment experience and ensure that payments can still be made when the online digital euro is unavailable, by enabling uninterrupted offline payment availability. Any instruments that the European Central Bank might employ to limit the digital euro’s store of value function should take this objective into account. Automated mechanisms that link a digital euro payment account with a non-digital euro payment account should allow for an uninhibited payment functionality of the digital euro, by ensuring that transactions are successfully executed in the presence of individual digital euro holding limits that may become binding on the payer’s or payee’s side. In particular, digital euro users should be able to initiate a digital euro payment transaction even though the amount of their digital euro holdings is inferior to the amount of the transaction, by automatically mobilising funds from a non-digital euro payment account to complement the transaction amount (‘reverse waterfall functionality’). Conversely, digital euro users should be able to receive digital euro payment transactions even though the amount of the transaction exceeds the limit set on their digital euro holdings, by automatically transferring funds in excess of the limit to a non-digital euro payment account (‘waterfall functionality’). If the non-digital euro account is temporarily unavailable due to exceptional circumstances, any digital euro payments exceeding the holding limit will be transferred immediately once the account is available again. Such payment functionalities should be expressly authorized by digital euro users. Throughout the business day, merchants and self-employed digital euro users can collect digital euro payments and transfer them to their non-digital euro bank account at the end of the business day. In exceptional circumstances, and to ensure uninterrupted payment acceptance, this transfer frequency may need to be increased. Where digital euro payment account held by one payment service provider is linked with non-digital euro payment account held by another payment service provider, they should enter into an arrangement specifying their respective roles and responsibilities under data protection rules, as well as agree on the security measures necessary to ensure secure transmission of personal data between the two payment service providers.

Or. en

Amendment 449

Markus Ferber

Proposal for a regulation

Recital 36

Text proposed by the Commission

Amendment

(36) The digital euro should allow for a smooth payment experience. Limits to the digital euro’s store of value function should take this objective into account. Automated mechanisms that link a digital euro payment account with a non-digital euro payment account should allow for an uninhibited payment functionality of the digital euro, by ensuring that transactions are successfully executed in the presence of individual digital euro holding limits that may become binding on the payer’s or payee’s side. In particular, digital euro users should be able to initiate a digital euro payment transaction even though the amount of their digital euro holdings is inferior to the amount of the transaction, by automatically mobilising funds from a non-digital euro payment account to complement the transaction amount (‘reverse waterfall functionality’). Conversely, digital euro users should be able to receive digital euro payment transactions even though the amount of the transaction exceeds the limit set on their digital euro holdings, by automatically transferring funds in excess of the limit to a non-digital euro payment account (‘waterfall functionality’). Such payment functionalities should be expressly authorized by digital euro users. Where digital euro payment account held by one payment service provider is linked with non-digital euro payment account held by another payment service provider, they should enter into an arrangement specifying their respective roles and responsibilities under data protection rules, as well as agree on the security measures necessary to ensure secure transmission of personal data between the two payment service providers.

Or. en

Amendment 450

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 36

Text proposed by the Commission

Amendment

(36) The digital euro should allow for a smooth payment experience. Any instruments that the Council might employ to limit the digital euro’s store of value function should take this objective into account. Automated mechanisms that link a digital euro payment account with a non-digital euro payment account should allow for an uninhibited payment functionality of the digital euro, by ensuring that transactions are successfully executed in the presence of individual digital euro holding limits that may become binding on the payer’s or payee’s side. In particular, digital euro users should be able to initiate a digital euro payment transaction even though the amount of their digital euro holdings is inferior to the amount of the transaction, by automatically mobilising funds from a non-digital euro payment account to complement the transaction amount (‘reverse waterfall functionality’). Conversely, digital euro users should be able to receive digital euro payment transactions even though the amount of the transaction exceeds the limit set on their digital euro holdings, by automatically transferring funds in excess of the limit to a non-digital euro payment account (‘waterfall functionality’). Such payment functionalities should be expressly authorized by digital euro users. Where digital euro payment account held by one payment service provider is linked with non-digital euro payment account held by another payment service provider, they should enter into an arrangement specifying their respective roles and responsibilities under data protection rules, as well as agree on the security measures necessary to ensure secure transmission of personal data between the two payment service providers.

Or. en

Amendment 451

Gilles Boyer, Stéphanie Yon-Courtin, Billy Kelleher, Ľudovít Ódor

Proposal for a regulation

Recital 36 a (new)

Text proposed by the Commission

Amendment

(36a) Account servicing payment service providers under [Insert PSD3 and PSR] should provide funding and defunding services to their clients - which includes the case where the client is the digital euro user or payment institution with which the digital euro user holds an account, regardless of their ability to provide the liquidity source for those funds in central bank money. These services should be offered free of charge for consumers. By contrast, it should not be mandatory for payment service providers to support funding and defunding of a digital euro payment account from a non-digital euro payment account held with a different payment service provider. Where a digital euro payment account of a natural person held by one payment service provider is linked to a non-digital euro payment account held by another payment service provider, they should enter into an arrangement defining the conditions for enabling the funding and defunding functionalities provided by the payment service provider holding the non-digital euro payment account. If a payment service provider that provides non-digital euro payment accounts decides to enable funding and defunding functionalities by linking the non-digital euro payment account to a digital euro payment account held with another payment service provider, all manual and automated funding and defunding functionalities should be offered and all of these functionalities should be offered free of charge to consumers. Furthermore, the payment service providers should specify their respective roles and responsibilities under data protection rules, as well as agree on the security measures necessary to ensure secure transmission of personal data between the two payment service providers. For this purpose, at the request of their clients, in view of successfully carrying out funding and defunding services, account servicing payment service providers that hold an account at the central bank should provide account servicing payment service providers that are not allowed to hold an account at the central bank with access to payment systems, and similarly should pass through the settlement infrastructure the transfer orders of the account servicing payment service providers that are not allowed to have an account at the central bank, in an objective, proportionate and non-discriminatory manner. Given the uncertainty surrounding future market developments, this framework should be reviewed one year after the first issuance of the digital euro, and then every three years. In its review, the Commission should assess, inter alia, the level of distribution of the digital euro, the number of and categories of payment service providers distributing the digital euro, disparities in distribution levels between Member States, the difficulties faced by consumers when opening a digital euro account, as well as reviewing whether the approach to open funding and defunding continues to ensure an appropriate balance between usability, competition and strategic autonomy. Where appropriate the Commission’s report may be accompanied by a legislative proposal.

Or. en

Amendment 452

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 36 a (new)

Text proposed by the Commission

Amendment

(36a) To strengthen the resilience of digital euro payments in exceptional circumstances, such as natural disasters, major cybersecurity incidents or other events of comparable impact, and to leverage on the digital euro resilience for the benefit of ensuring the continuity of payments, it is appropriate to provide for measures aimed at safeguarding the continuity of digital euro payments. These measures, which consist of the possibility to increase offline limits, activate emergency switching and enhance the distribution of the digital euro. They may only be adopted when credible and substantial risks of disruptions to the continuity of digital payments, including digital euro payments, are growing to a level where actions are needed or when widespread and severe disruptions are already present, whether affecting, in whole or in part, one or more Member States of the euro area or the euro area as a whole. The Member States have the main responsibility to assess whether a situation of exceptional circumstances prevails and to communicate it. This Regulation is without prejudice to national procedures that Member States may establish for the purpose of requesting the adoption of the measures aimed at safeguarding the continuity of digital euro payments, to procedures under national law to declare national emergencies, or to their power to adopt other measures regarding the continuity of payments within their own sphere of competence.

Or. en

Amendment 453

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Eero Heinäluoma

Proposal for a regulation

Recital 36 b (new)

Text proposed by the Commission

Amendment

(36b) To strengthen the resilience of society, payment systems, and the euro, and to support its in exceptional circumstances, both uses of the digital euro - online and offline, must be launched as soon as possible and as they come along. The ECB should strive to make all adequate preparations at the earliest possible to present both online and offline usability. Still, if one of the modalities - either online or offline - is ready, it should be launched, irrespective of the other, at the soonest to allow for citizen training and the familiarisation with the possible uses of the digital euro.

Or. en

Amendment 454

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 36 c (new)

Text proposed by the Commission

Amendment

(36c) It should be possible to temporarily increase the applicable offline digital euro payment transaction limits and offline digital euro holding limits. These limits should in any event respect the limits to the use of the digital euro as a store of value that are set out in accordance with Article 16. An emergency request must be submitted to the European Commission and to the National Central Bank of the Member State and to the ECB. In its request, a Member State may indicate whether the temporary increase should apply to individual users, business users, or both within its jurisdiction. By way of derogation to Article 16 of the present Regulation, the adoption by means of a Commission implementing act should allow for a rapid activation. The Commission implementing act should allow for subsequent amendments, including adjustments to its timeframe, the affected jurisdictions and the applicable limits, as circumstances evolve.

Or. en

Amendment 455

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 36 d (new)

Text proposed by the Commission

Amendment

(36d) To safeguard the operational continuity of digital euro payments in exceptional circumstances and to ensure uninterrupted access for users to their digital euro holdings, it is appropriate to allow the emergency switching. Such emergency switching should be authorised by the European Central Bank or the relevant national central bank, following a reasoned request from the Member State concerned. To this end, Member States may designate payment service providers or entities, located in their national territory or in another Member State, as a backup system to support the temporary provision of mandatory digital euro payment and acquiring services. To be able to provide these temporary services, the entities should participate in the digital euro scheme and have implemented the necessary preparatory measures. These entities may leverage on existing national backup systems to promote operational efficiency and avoid an unnecessary administrative burden. Emergency switching should be strictly limited in time and should only apply for as long as it is justified in view of the achievement of the relevant objectives in exceptional circumstances. National emergency back-up systems should be inclusive and accessible to all digital euro users actually or potentially affected by the emergency, irrespective of whether they are using PSPs from the affected Member States.

Or. en

Amendment 456

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 36 e (new)

Text proposed by the Commission

Amendment

(36e) To safeguard the continuity of digital euro payment functions and to protect access of users to digital euro holdings, Member States can designate authorities or other entities to provide temporary digital euro payment services and instruments to digital euro users under exceptional circumstances. These authorities or entities may be the same as the specific entities designated for the distribution of the digital euro in the framework of Article 14(3), but they may also be public authorities at large. The designated authorities and entities are mandated to provide digital euro payment services to these consumers as well as the appropriate support. This would ensure access to digital euro payment services to vulnerable groups. Under exceptional circumstances, these authorities or entities could be mandated to serve a broader range of users, including users that are not already their customers. To be able to provide these services, these authorities or other entities should be members of the digital euro scheme and have implemented the necessary preparatory measures. In order to provide guidance on policies, procedures and controls that authorities or other entities designated by the Member States should have in place in exceptional circumstances to balance the need for broad access to the digital euro with robust AML/CFT measures, the EBA and AMLA should issue guidelines.

Or. en

Amendment 457

Damian Boeselager

on behalf of the Verts/ALE Group

Proposal for a regulation

Recital 37

Text proposed by the Commission

Amendment

(37) While instruments employed by the European Central Bank to limit an excessive use of the digital euro as a store of value aim at safeguarding financial stability and financial intermediation, they may nonetheless impact on and interact with the European Central Bank’s monetary policy stance. Such instruments would therefore need to be applied uniformly across the euro area in order to ensure the use of the digital euro as a single currency and the singleness of the monetary policy. Furthermore, a uniform application would be necessary to ensure a level playing field for payment service providers in the European single market or avoid an overly complex enforcement of any instrument through payment service providers on the basis of digital euro users’ residency. In view of the responsibility of the European Central Bank for the definition, conduct and implementation of monetary policy pursuant to Articles 127 and 128 of the TFUE and its own Statute, the digital euro may bear interest. The determination and adjustment of any interest rate shall be exercised by the European Central Bank in accordance with its mandate, in order to support the effective transmission of monetary policy and to safeguard the usability and attractiveness of the digital euro vis-a-vis other digital means of payments or store of value instruments, which may threaten monetary sovereignty and the stability of the financial system.

Or. en

Amendment 458

Jonás Fernández, Aurore Lalucq, Carla Tavares, Thomas Bajada, Eero Heinäluoma, César Luena, Costas Mavrides, Lara Wolters

Proposal for a regulation

Recital 37

Text proposed by the Commission

Amendment

Or. en

Amendment 459

Gilles Boyer, Stéphanie Yon-Courtin, Billy Kelleher, Ľudovít Ódor

Proposal for a regulation

Recital 37

Text proposed by the Commission

Amendment

Or. en

Amendment 460

Luděk Niedermayer

Proposal for a regulation

Recital 37

Text proposed by the Commission

Amendment

(37) While instruments employed to limit an excessive use of the digital euro as a store of value aim at safeguarding financial stability and financial intermediation, they may nonetheless impact on and interact with the European Central Bank’s monetary policy stance. Such instruments would therefore need to be applied uniformly across the euro area in order to ensure the use of the digital euro as a single currency and the singleness of the monetary policy. Furthermore, a uniform application would be necessary to ensure a level playing field for payment service providers in the European single market or avoid an overly complex enforcement of any instrument through payment service providers on the basis of digital euro users’ residency. Within the framework of this Regulation, the digital euro should not bear interest for the purposes of primarily using the digital euro as a means of payment while limiting its use as a store of value.

Or. en

Amendment 461

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 37

Text proposed by the Commission

Amendment

(37) While instruments employed by the Council to limit an excessive use of the digital euro as a store of value aim at safeguarding financial stability and financial intermediation, they may nonetheless impact on and interact with the European Central Bank’s monetary policy stance. Such instruments would therefore need to be applied uniformly across the euro area in order to ensure the use of the digital euro as a single currency and the singleness of the monetary policy. Furthermore, a uniform application would be necessary to ensure a level playing field for payment service providers in the European single market or avoid an overly complex enforcement of any instrument through payment service providers on the basis of digital euro users’ residency. Within the framework of this Regulation, the digital euro should not bear interest for the purposes of primarily using the digital euro as a means of payment while limiting its use as a store of value.

Or. en

Amendment 462

Fabio De Masi

Proposal for a regulation

Recital 37

Text proposed by the Commission

Amendment

(37) While instruments employed by the European Central Bank to limit an excessive use of the digital euro as a store of value aim at safeguarding financial stability and financial intermediation, they may nonetheless impact on and interact with the European Central Bank’s monetary policy stance. Such instruments would therefore need to be applied uniformly across the euro area in order to ensure the use of the digital euro as a single currency and the singleness of the monetary policy. Furthermore, a uniform application would be necessary to ensure a level playing field for payment service providers in the European single market or avoid an overly complex enforcement of any instrument through payment service providers on the basis of digital euro users’ residency. Within the framework of this Regulation, the digital euro should not bear interest for the purposes of primarily using the digital euro as a means of payment while limiting its use as a store of value. This also precludes negative interest.

Or. de

Amendment 463

Pasquale Tridico, Kathleen Funchion

on behalf of The Left Group

Proposal for a regulation

Recital 38 a (new)

Text proposed by the Commission

Amendment

(38a) The unique situation of Northern Ireland should be taken into account, with a view to examining under which conditions citizens residing in that territory could make use of the digital euro, in full respect of Union law and the Union’s international obligations.

Or. en

Amendment 464

Jonás Fernández, Aurore Lalucq, Carla Tavares, Thomas Bajada, César Luena, Costas Mavrides

Proposal for a regulation

Recital 39

Text proposed by the Commission

Amendment

(39) Any limits to the store of value function that the European Central Bank decided on should be binding on and implemented by the payment service providers distributing the digital euro. While natural or legal persons may have one or more digital euro payment accounts at the same payment service provider or at different payment service providers, they should be subject to an individual holding limit that a digital euro user may allocate across different payment services providers. Payment service providers may offer digital euro users the possibility to legally have a joint digital euro payment account. In this case, any holding limit applied to the joint digital euro payment account should be equal to the sum of the allocated holding limits of the digital euro users. Where a digital euro payment account is legally held by only one digital euro user, but can be technically accessed to and used by several persons, upon de facto or legal mandate given by the digital euro user, any holding limit applied to the digital euro payment account should remain equal to the holding limit defined for a digital euro payment account held by a single digital euro user, to avoid any circumvention of the holding limits.

Or. en

Amendment 465

Markus Ferber

Proposal for a regulation

Recital 39

Text proposed by the Commission

Amendment

(39) Limits to the store of value function should be binding on and implemented by the payment service providers distributing the digital euro. While natural or legal persons may have one or more digital euro payment accounts at the same payment service provider or at different payment service providers, they should be subject to an individual holding limit that a digital euro user may allocate across different payment services providers. Payment service providers may offer digital euro users the possibility to legally have a joint digital euro payment account. In this case, any holding limit applied to the joint digital euro payment account should be equal to the sum of the allocated holding limits of the digital euro users. Where a digital euro payment account is legally held by only one digital euro user, but can be technically accessed to and used by several persons, upon de facto or legal mandate given by the digital euro user, any holding limit applied to the digital euro payment account should remain equal to the holding limit defined for a digital euro payment account held by a single digital euro user, to avoid any circumvention of the holding limits.

Or. en

Justification

The holding limit is a central part of this regulation and should be determined by the co-legislator in the level 1 text.

Amendment 466

Luděk Niedermayer

Proposal for a regulation

Recital 39

Text proposed by the Commission

Amendment

(39) Any limits to the store of value function established in this Regulation should be binding on and implemented by the payment service providers distributing the digital euro. While natural or legal persons may have one or more digital euro payment accounts at the same payment service provider or at different payment service providers, they should be subject to an individual holding limit that a digital euro user may allocate across different payment services providers. Payment service providers may offer digital euro users the possibility to legally have a joint digital euro payment account. In this case, any holding limit applied to the joint digital euro payment account should be equal to the sum of the allocated holding limits of the digital euro users. Where a digital euro payment account is legally held by only one digital euro user, but can be technically accessed to and used by several persons, upon de facto or legal mandate given by the digital euro user, any holding limit applied to the digital euro payment account should remain equal to the holding limit defined for a digital euro payment account held by a single digital euro user, to avoid any circumvention of the holding limits.

Or. en

Amendment 467

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 39

Text proposed by the Commission

Amendment

(39) Any limits to the store of value function that the Council decided on should be binding on and implemented by the payment service providers distributing the digital euro. While natural or legal persons may have one or more digital euro payment accounts at the same payment service provider or at different payment service providers, they should be subject to an individual holding limit that a digital euro user may allocate across different payment services providers. Payment service providers may offer digital euro users the possibility to legally have a joint digital euro payment account. In this case, any holding limit applied to the joint digital euro payment account should be equal to the sum of the allocated holding limits of the digital euro users. Where a digital euro payment account is legally held by only one digital euro user, but can be technically accessed to and used by several persons, upon de facto or legal mandate given by the digital euro user, any holding limit applied to the digital euro payment account should remain equal to the holding limit defined for a digital euro payment account held by a single digital euro user, to avoid any circumvention of the holding limits.

Or. en

Amendment 468

Fernando Navarrete Rojas, Markus Ferber, Stefan Berger, Daniel Caspary, Ralf Seekatz, Christophe Gomart, Isabel Benjumea Benjumea, Antonio López-Istúriz White

Proposal for a regulation

Recital 39 a (new)

Text proposed by the Commission

Amendment

(39a) Holding limits could help mitigate potential risks to monetary policy transmission, financial stability, competition, and the intermediation capacity of credit institutions. Given the profound and cross-sectoral implications of establishing or modifying such limits – including effects on financial stability, the structure of bank funding, market competition and the functioning of the Union’s financial system, which extend beyond the strict remit of monetary policy – decisions on holding limits require full democratic oversight. Therefore, the European Parliament should play a central role in determining the framework within which holding limits may be set and adjusted, and in scrutinising any measures proposed by the ECB for that purpose. This ensures that decisions with far-reaching consequences for Union citizens, financial markets and the economy as a whole are taken within a transparent and accountable institutional framework.

Or. en

Amendment 469

Luděk Niedermayer

Proposal for a regulation

Recital 40

Text proposed by the Commission

Amendment

(40) To ensure wide access to and use of the digital euro, consistent with its status of legal tender, and to support its role as monetary anchor in the euro area, natural persons residing in the euro area, natural persons who opened a digital euro account at the time they resided in the euro area, but no longer reside there, as well as visitors, should not be charged for basic digital euro payment services. That means that such digital euro users should not bear any direct fees for their basic access to and basic use of the digital euro, including not being charged transaction fees or any other fees that are directly associated with the provision of services related to the basic use of the digital euro. Digital euro users should not be required to have or open a non-digital euro payment account or to accept other non-digital euro products. Where the digital euro user agrees to a package of services comprising non-digital euro services and basic digital euro payment services, the payment service provider should be able to charge that package of services at its discretion. In that case, there should not be a differentiated charge for the non-digital euro services when they are offered separately or as part of a package including basic digital euro payment services. Where the digital euro user asks to receive only basic digital euro payment services with a payment service provider, those services should not be charged, including for waterfall and reverse waterfall functionalities where the digital euro user also has a non-digital euro payment account with another payment service provider. Payment service providers should be able to charge digital euro users for additional digital euro payment services beyond the basic digital euro payment services.

(40) To ensure wide access to and use of the digital euro, consistent with its status of legal tender, and to support its role as monetary anchor in the euro area, natural persons residing in the euro area, natural persons who opened a digital euro account at the time they resided in the euro area, but no longer reside there, as well as visitors, should not be charged for basic digital euro payment services. That means that such digital euro users should not bear any direct fees for their basic access to and basic use of the digital euro, including not being charged transaction fees or any other fees that are directly associated with the provision of services related to the basic use of the digital euro in particular with respect to the funding or defunding of digital euro payment accounts. Digital euro users should not be required to have or open a non-digital euro payment account or to accept other non-digital euro products. Where the digital euro user agrees to a package of services comprising non-digital euro services and basic digital euro payment services, the payment service provider should be able to charge that package of services at its discretion. In that case, there should not be a differentiated charge for the non-digital euro services when they are offered separately or as part of a package including basic digital euro payment services. Where the digital euro user asks to receive only basic digital euro payment services with a payment service provider, those services should not be charged, including for waterfall and reverse waterfall functionalities where the digital euro user also has a non-digital euro payment account with another payment service provider. Payment service providers should be able to charge digital euro users for additional digital euro payment services beyond the basic digital euro payment services.

Or. en

Amendment 470

Regina Doherty

Proposal for a regulation

Recital 41 a (new)

Text proposed by the Commission

Amendment

(41a) The European Central Bank and national central banks shall monitor the use of the digital euro for illicit or fraudulent transactions. By three years from the first issuance of the digital euro, the European Central Bank may submit a report to the European Parliament and to the Council on these matters, as well as on the effectiveness of safeguards and mitigation measures applied.

Or. en

Amendment 471

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 42

Text proposed by the Commission

Amendment

(42) As the digital euro is a form of the single currency having legal tender status, digital euro payment transactions should not be subject to excessive fees by payment service providers. In particular, granting the digital euro legal tender status, with the corollary of mandatory acceptance, means that merchants would have no choice but to accept digital euro payment transactions. Furthermore, any charge or fee per transaction or period erodes, directly or indirectly, the face value of payments received, which is an essential component of the legal tender status. It is therefore essential that a fee or a charge, as a restriction of the face value of the digital euro, be objectively justified and proportionate to the objective of ensuring an effective use of the digital euro as a legal tender means of payment.

deleted

Or. en

Amendment 472

Fabio De Masi

Proposal for a regulation

Recital 42

Text proposed by the Commission

Amendment

(42) As the digital euro is a form of the single currency having legal tender status, digital euro payment transactions may not be subject to excessive fees by payment service providers. In particular, granting the digital euro legal tender status, with the corollary of mandatory acceptance, means that merchants would have no choice but to accept digital euro payment transactions. Furthermore, any charge or fee per transaction or period erodes, directly or indirectly, the face value of payments received, which is an essential component of the legal tender status. It is therefore essential that a fee or a charge, as a restriction of the face value of the digital euro, be objectively justified and proportionate to the objective of ensuring an effective use of the digital euro as a legal tender means of payment.

Or. de

Amendment 473

Sibylle Berg

Proposal for a regulation

Recital 42

Text proposed by the Commission

Amendment

Or. en

Justification

stricter wording

Amendment 474

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Eero Heinäluoma

Proposal for a regulation

Recital 43

Text proposed by the Commission

Amendment

(43) To ensure that fees and charges are uniform across the euro area and proportionate, the European Central Bank should regularly monitor their level and, on this basis, publish the corresponding amounts together with an explanatory report. A maximum fee or charge should allow for free competition between intermediaries below that level. Fees or charges should not exceed the relevant costs incurred by payment service providers for the provision of digital euro payment services in relation to digital euro payment transactions, which are objective elements, and may include a reasonable margin of profit. For that purpose, the European Central Bank should use an estimate of the representative average cost incurred by payment service providers across the euro area and should therefore be in a position to collect relevant data from payment service providers. The relevant costs for providing digital euro payment services in relation to digital euro payment transactions should be based on the costs incurred by a representative group of the most efficient payment service providers in a given year. Competent authorities designated by Member States should be responsible for ensuring compliance by payment service providers with these maximum fees or charges.

deleted

Or. en

Amendment 475

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 43

Text proposed by the Commission

Amendment

deleted

Or. en

Amendment 476

Gilles Boyer, Stéphanie Yon-Courtin, Billy Kelleher, Ľudovít Ódor

Proposal for a regulation

Recital 43

Text proposed by the Commission

Amendment

(43) Once the digital euro is issued there will be a transitional period when fees related to digital euro payment services will be calculated according to a statistically representative group of cost-efficient payment service providers which are representative of national markets. After the transitional period, fees or charges should not exceed the relevant costs incurred by payment service providers for the provision of digital euro payment services in relation to digital euro payment transactions, which are objective elements, and may include a reasonable margin of profit. For that purpose, the European Central Bank shall collect the required information for calculating the maximum fee ceiling.

Or. en

Amendment 477

Regina Doherty

Proposal for a regulation

Recital 43

Text proposed by the Commission

Amendment

(43) To ensure that fees and charges are uniform across the euro area and proportionate, the European Central Bank should regularly monitor their level and, on this basis, publish the corresponding amounts together with an explanatory report. The ECB monitoring and explanatory report shall take into consideration the differentiation of added-value services provided, beyond the free basic digital euro services. A maximum fee or charge should allow for free competition between intermediaries below that level. Fees or charges should not exceed the relevant costs incurred by payment service providers for the provision of digital euro payment services in relation to digital euro payment transactions, which are objective elements, and may include a reasonable margin of profit. For that purpose, the European Central Bank should use an estimate of the representative average cost incurred by payment service providers across the euro area and should therefore be in a position to collect relevant data from payment service providers. The relevant costs for providing digital euro payment services in relation to digital euro payment transactions should be based on the costs incurred by a representative group of the most efficient payment service providers in a given year. Competent authorities designated by Member States should be responsible for ensuring compliance by payment service providers with these maximum fees or charges.

Or. en

Amendment 478

Luděk Niedermayer

Proposal for a regulation

Recital 43

Text proposed by the Commission

Amendment

(43) To ensure that fees and charges are uniform across the euro area and proportionate, the European Central Bank should regularly monitor their level and, on this basis, publish the corresponding amounts together with an explanatory report at least once every two years. A maximum fee or charge should allow for free competition between intermediaries below that level. Fees or charges should not exceed the relevant costs incurred by payment service providers for the provision of digital euro payment services in relation to digital euro payment transactions, which are objective elements, and may include a reasonable margin of profit. For that purpose, the European Central Bank should use an estimate of the representative average cost incurred by payment service providers across the euro area and should therefore be in a position to collect relevant data from payment service providers. The relevant costs for providing digital euro payment services in relation to digital euro payment transactions should be based on the costs incurred by a representative group of the most efficient payment service providers in a given year. Competent authorities designated by Member States should be responsible for ensuring compliance by payment service providers with these maximum fees or charges.

Or. en

Amendment 479

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 43 a (new)

Text proposed by the Commission

Amendment

(43a) Public payment infrastructure will reduce the barriers to entry for both banks and the European fintech sector and it can enable innovation and accelerate the digitisation of the European financial sector. At the same time, mandatory acceptance has the positive externality of providing rapid scale and network effects, which will allow for business model and service innovation. Modern retail payments depend heavily on secure, resilient, cross-border digital infrastructure, such as cloud, data centres and instant-payment rails. In the case of payments, reliable and public infrastructure can enable further the development of a robust, sovereign, and scalable payment ecosystem. The Draghi Report calls for digital infrastructure to be managed like public goods — especially where private investment fails to ensure coverage, scale or strategic security. The Report recommends coordinated, EU-level investment and planning as a strategic public good. The public investment in infrastructure for the digital euro project, will result into a considerable cost savings and economies of scale and scope, in payment processing costs for all companies in the payments sector.

Or. en

Amendment 480

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Proposal for a regulation

Recital 43 a (new)

Text proposed by the Commission

Amendment

(43a) To ensure a smooth and economically sustainable transition towards the use of the digital euro at the point of sale, it is necessary to provide for a temporary derogation from the general rules on merchant service charges and inter-PSP fees. During an initial transitional period, low-value digital euro payments made at physical points of sale should not be subject to such fees, so as to promote early adoption, facilitate merchant acceptance, particularly by micro and small enterprises, and support financial inclusion. Given the diversity of payment habits across the Union, the Commission should be empowered to adopt delegated acts to determine the monetary threshold below which a payment is to be considered low-value, on the basis of market data, consumer payment patterns and the objective of ensuring cost-efficient acceptance of the digital euro. Establishing such a threshold is essential to guarantee legal certainty, technical feasibility and interoperability across the euro area.

Or. en

Amendment 481

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 43 b (new)

Text proposed by the Commission

Amendment

(43b) The President of the Commission in her State of the Union address asserted that the digital euro will benefit companies and consumers alike. The Commission stressed that retail payments must be efficient, convenient, safe, accessible and affordable to all users, including vulnerable consumers and it emphasised the requirement that cash continues to function as a means of financial inclusion for the unbanked, elderly, digitally excluded, or vulnerable.

Or. en

Amendment 482

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 43 c (new)

Text proposed by the Commission

Amendment

(43c) The European Court of Auditors (ECA), in its Special Report 01/2025: “Digital payments in the EU” issued a warning regarding price interventions, such as fee-caps, surcharge bans and interchange caps. The Court notes there are no clear criteria in the legal framework for assessing when interventions are justified, or how long they should remain in force. In line with ECA recommendation, the Commission must develop robust, system-wide monitoring mechanisms in place to collect data on the actual economic and social effects of its retail-payments legislation to assess policy goals, with particular reference to lower costs, inclusivity, competition and consumer benefit.

Or. en

Amendment 483

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Eero Heinäluoma

Proposal for a regulation

Recital 43 d (new)

Text proposed by the Commission

Amendment

(43d) The digital form of the euro itself, which must remain freely accessible just as banknotes and coins are issued without transaction fees. A zero-fee structure for basic digital euro services maximizes allocative efficiency and ensures that the benefits of digital currency technology accrue to the broader economy. This approach is consistent with the treatment of other public infrastructures, where public provision or regulation ensures access at marginal cost. Moreover, a zero-fee digital euro prevents the fragmentation that would result from different fee structures across Member States or payment service providers, thereby strengthening the single currency and single market. Private payment service providers will continue to compete by offering superior user interfaces, integration with other financial services, value-added features, and specialized services for which they may charge commercial fees. By establishing a zero-cost baseline, the digital euro will sharpen competition by forcing payment service providers to compete on genuine value creation. This will benefit consumers, merchants, and the broader economy.

Or. en

Amendment 484

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 43 e (new)

Text proposed by the Commission

Amendment

(43e) Economic efficiency principles require that goods and services with near-zero marginal cost be priced at marginal cost. Digital payment transactions, once infrastructure is established, have negligible per-transaction costs. Imposing fees substantially above marginal cost creates economic inefficiency, deprives wealth from productive economic activity and creates barriers to financial inclusion.

Or. en

Amendment 485

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 44

Text proposed by the Commission

Amendment

(44) Furthermore, to ensure an effective use of the digital euro, it is important that fees or charges are not higher than those requested for comparable private digital means of payment. International card schemes regulated under Regulation (EU) 2015/751 of the European Parliament and the Council30 , national card schemes, and instant payments at the point of interaction provided by payment service providers should be considered comparable means of payments.

deleted

_________________

30 Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions (OJ L 123, 19.5.2015, p. 1).

Or. en

Amendment 486

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 44

Text proposed by the Commission

Amendment

(44) Fees or charges should not be higher than those requested for comparable private digital means of payment. International card schemes regulated under Regulation (EU) 2015/751 of the European Parliament and the Council30 , national card schemes, and instant payments at the point of interaction provided by payment service providers should be considered comparable means of payments.

_________________

30 Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions (OJ L 123, 19.5.2015, p. 1).

Or. en

Amendment 487

Gilles Boyer, Stéphanie Yon-Courtin, Billy Kelleher, Ľudovít Ódor

Proposal for a regulation

Recital 44 a (new)

Text proposed by the Commission

Amendment

(44a) Fee caps are intended to protect all stakeholders, especially merchants, from unreasonable margins of profit that they might be faced with. At the same time, fee caps shall not prevent payment service providers from applying appropriate fees outside of the perimeter determined by the fee cap. Especially, payment service providers shall be able to price the specifics of each merchant in the uncapped part of the fee.

Or. en

Amendment 488

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke, Eero Heinäluoma

Proposal for a regulation

Recital 45

Text proposed by the Commission

Amendment

(45) As payment services providers distributing the digital euro would not be in a position to charge fees to natural persons for basic digital euro payment services, an inter-PSP fee may be needed to provide compensation to those payment service providers for the distribution costs. The inter-PSP fee should provide sufficient compensation for the distribution costs of both the distributing and acquiring payment service providers, including a reasonable margin of profit.

deleted

Or. en

Amendment 489

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 45

Text proposed by the Commission

Amendment

(45) At the level of the individual merchant or payment service providers, no merchant or payment service provider should be charged higher fees compared to acquiring or distributing services for comparable digital means of payment that the payment service provider provides to the payee when receiving basic acquiring services or distributing the digital euro.

Or. en

Amendment 490

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 46

Text proposed by the Commission

Amendment

(46) The distribution of the digital euro by natural or legal persons residing or established outside the euro area would contribute to foster the international use of the euro. This would also bring benefits to the euro area and other economies by facilitating cross-border payments for the purpose of trade or remittances, in line with the G20 agenda.

deleted

Or. en

Amendment 491

Tomáš Kubín, Enikő Győri, Jaroslava Pokorná Jermanová

Proposal for a regulation

Recital 46 a (new)

Text proposed by the Commission

Amendment

(46a) Allowing merchants established outside of the euro area to receive digital euro payments made by digital euro users, without being able to hold digital euro, would promote the free movement of payment services across the European Union. At the same time, the effects of this possibility on the consolidated balance sheet of the European Central Bank and national central banks of the Member States whose currency is the euro, on the monetary sovereignty and financial stability of Member States whose currency is not the euro and of third countries, as well as on the fulfilment of euro area accession criteria and the process set out in Article 140 TFEU for Member States whose currency is not the euro, would be negligible. Merchants outside the euro area would be able to hold digital euros only subject to the conditions laid down in Articles 18, 19 or 20. This is why merchants in Member States whose currency is not the euro, and merchants in third countries, should be able to receive digital euro payment transactions from digital euro users that have access to the digital euro pursuant to Article 13, without being subject to the conditions laid down in Articles 18, 19 or 20. This should be without prejudice to Articles 18, 19, and 20 and provided that national legislation of the Member State whose currency is not the euro, or of the relevant third country, does not prohibit such use.

Or. en

Amendment 492

Hanna Gronkiewicz-Waltz, Siegfried Mureşan, Arba Kokalari, Janusz Lewandowski

Proposal for a regulation

Recital 46 a (new)

Text proposed by the Commission

Amendment

(46a) Allowing merchants established outside of the euro area to receive digital euro payments made by digital euro users, without being able to hold digital euro, would promote the free movement of payment services across the European Union. At the same time, the effects of this possibility on the consolidated balance sheet of the European Central Bank and national central banks of the Member States whose currency is the euro, on the monetary sovereignty and financial stability of Member States whose currency is not the euro and of third countries, as well as on the fulfilment of euro area accession criteria and the process set out in Article 140 TFEU for Member States whose currency is not the euro would be negligible. Merchants outside the euro area would be able to hold digital euros only subject to the conditions laid down in Articles 18, 19 or 20. This is why merchants in Member States whose currency is not the euro, and merchants in third countries, should be able to receive digital euro payment transactions from digital euro users that have access to the digital euro pursuant to Article 13, without being subject to the conditions laid down in Articles 18, 19 or 20. This should be without prejudice to Articles 18, 19, and 20 and provided that national legislation of the Member State whose currency is not the euro, or of the relevant third country, does not prohibit such use.

Or. en

Amendment 493

Luděk Niedermayer

Proposal for a regulation

Recital 47

Text proposed by the Commission

Amendment

(47) An excessive distribution of the digital euro outside the euro area could have an unwanted impact on the size and composition of the consolidated balance sheet of the European Central Bank and national central banks. Impacts on monetary sovereignty and financial stability of non-euro area countries may also differ depending on the use of the digital euro outside the euro area. Those impacts could be harmful in case the digital euro replaces the local currency in a high number of domestic transactions. In particular, a situation in which the digital euro becomes dominant in a Member State whose currency is not the euro, thus de facto replacing the national currency, could interfere with the euro area adoption criteria and process set out in Article 140 TFEU. To avoid undesirable effects and prevent monetary sovereignty and financial stability risks, both within and outside the euro area, it is necessary to provide for the possibility for the Union to conclude agreements with third countries, and for the European Central Bank to conclude arrangements with the national central banks of Member States whose currency is not the euro and with the national central banks of third countries, to specify the conditions for the regular provision of digital euro payment services to digital euro users residing or established outside the euro area. Such agreements and arrangements should not cover visitors to the euro area, to whom payment service providers established in the European Economic Area31 , in line with the Agreement on the European Economic Area, may directly provide digital euro payment services.

(47) The distribution of the digital euro outside the euro area could have effects similar to the circulation of euro banknotes and coins outside the euro area. A greater ease of access could increase the quantity of such circulation. While this would reflect the higher international role of the euro, it could also lead to certain unwanted impacts, including effects on the size and composition of the consolidated balance sheet of the European Central Bank and the national central banks. Similarly to spontaneous euroisation or dollarisation that occurs in many countries, including some Member States that do not use the euro as their currency, such developments may affect the monetary sovereignty and financial stability of those countries. Such an impact should be taken into account when the Union concludes agreements with third countries, and when the European Central Bank concludes arrangements with the national central banks of Member States whose currency is not the euro and with the national central banks of third countries.

_________________

31 Agreement on the European Economic Area (OJ L 1, 3.1.1994, p. 3).

Or. en

Amendment 494

Auke Zijlstra, Pierre Pimpie

Proposal for a regulation

Recital 51

Text proposed by the Commission

Amendment

(51) The use of the digital euro in cross-currency payments would furthermore contribute to foster the international use of the euro. This would also bring benefits to the euro area and other economies by facilitating cross-border payments for the purpose of trade or remittances, in line with the G20 agenda.

(51) The use of the digital euro in cross-currency payments would facilitate cross-border payments for the purpose of trade or remittances.

Or. en

Amendment 495

Regina Doherty

Proposal for a regulation

Recital 51

Text proposed by the Commission

Amendment

(51) The use of the digital euro in cross-currency payments would furthermore contribute to foster the international use of the euro, and the resilience and success of the currency. This would also bring benefits to the euro area and other economies by facilitating cross-border payments for the purpose of trade or remittances, in line with the G20 agenda.

Or. en

Amendment 496

Fabio De Masi

Proposal for a regulation

Recital 52

Text proposed by the Commission

Amendment

(52) Digital euro users, whether they reside or are established within the euro area or not, may also have the capacity to receive or initiate cross-currency payments between the digital euro and a local currency. Arrangements concluded between the European Central Bank and national central banks in Member States whose currency is not the euro and in third countries should specify the conditions for access to and use of interoperable payment systems for the purpose of cross-currency payments involving the digital euro. To this end, and to increase resilience, the ECB should develop an intra-European real-time payment system that overcomes the weaknesses of T2 and operates independently of cloud providers from the US or other non-European countries.

Or. de

Amendment 497

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 54

Text proposed by the Commission

Amendment

(54) The technical design of the digital euro should make it widely accessible to and usable by the general public. That design should, in particular, support access to financially excluded persons or persons at risk of financial exclusion, persons with disabilities by ensuring compliance with accessibility requirements laid down in Annex I of Directive (EU) 2019/882 of the European Parliament and the Council32 (European Accessibility Act), persons with functional limitations who would also benefit from accessibility, or persons with limited digital skills and elderly persons. For that purpose, the digital euro should have usage features that are simple and easy to handle, and should be sufficiently accessible through a wide range of hardware devices to cater for the needs of different groups of the population. Furthermore, payment service providers should provide digital euro users with digital euro payment services, regardless of those users holding non-digital euro payment accounts. In addition, those users should be allowed to have digital euro payment accounts with payment service providers that are different from the ones with which they have non-digital euro payment accounts.

(54) The technical design of the digital euro should make it widely accessible to and usable by the general public. That design should, in particular, support access to financially excluded persons or persons at risk of financial exclusion, persons with disabilities by ensuring compliance with accessibility requirements laid down in Annex I of Directive (EU) 2019/882 of the European Parliament and the Council32 (European Accessibility Act), persons with functional limitations who would also benefit from accessibility, or persons with limited digital skills and elderly persons. For that purpose, the digital euro should have usage features that are simple and easy to handle, and should be sufficiently accessible through a physical non-electronic device such as a card and a wide range of hardware devices to cater for the needs of different groups of the population. Furthermore, payment service providers should provide digital euro users with digital euro payment services, regardless of those users holding non-digital euro payment accounts. This choice should be offered in a transparent and accessible manner. In addition, those users should be allowed to have digital euro payment accounts with payment service providers that are different from the ones with which they have non-digital euro payment accounts.

_________________

32 Directive (EU) 2019/882 of the European Parliament and of the Council of 17 April 2019 on the accessibility requirements for products and services (OJ L 151, 7.6.2019, p. 70).

Or. en

Amendment 498

Gilles Boyer, Stéphanie Yon-Courtin, Billy Kelleher, Ľudovít Ódor

Proposal for a regulation

Recital 54

Text proposed by the Commission

Amendment

_________________

32 Directive (EU) 2019/882 of the European Parliament and of the Council of 17 April 2019 on the accessibility requirements for products and services (OJ L 151, 7.6.2019, p. 70).

Or. en

Amendment 499

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Proposal for a regulation

Recital 54 a (new)

Text proposed by the Commission

Amendment

(54a) The digital euro makes central bank money available for all everyday payments in the digital age. The simultaneous availability of the digital euro for online and offline payments and holdings fulfils the policy objectives of the digital euro. This also enables users to hold digital central bank money, storing it offline in a physical local storage device for payments without the use of connectivity (offline functionality), and online in the digital euro settlement infrastructure (online functionality) for payments with the use of connectivity. This Regulation extends many of the privacy benefits associated with cash payments, where users can make payments without the involvement of anyone other than the payer and the payee, by defining a dedicated AML/CFT regime for offline digital euro transactions and holdings. This regime introduces limitations, some of which are comparable to those applying for cash, to the use of digital euro offline, such as a restriction to the use for in-proximity payments, transaction and holding limits. In turn, there is risk that, if the local storage device is lost or stolen, users lose their funds, similar to a lost or stolen cash wallet. With online digital euro holdings and transactions, retail payments can be made across the euro area, regardless of whether in proximity or remotely, and the application of the existing AML/CFT framework to those payments addresses the risks associated with the online functionality.

Or. en

Amendment 500

Pasquale Tridico

on behalf of The Left Group

Proposal for a regulation

Recital 54 a (new)

Text proposed by the Commission

Amendment

(54a) The digital euro ensures that central bank money remains available for everyday payments in a modern digital environment. Offering both online and offline functionalities for payments and holdings supports the policy objectives of the digital euro. Users may keep digital central bank money offline on a physical local storage device for payments made without connectivity, and online within the digital euro settlement infrastructure for payments requiring connectivity. This Regulation also preserves several of the privacy features associated with cash, allowing users to make payments without involving any party other than payer and payee, by establishing a dedicated AML/CFT regime for offline digital euro transactions and holdings. The regime sets out certain limitations on offline use, similar to those applicable to cash, including its restriction to in-proximity payments, as well as transaction and holding limits. At the same time, if a local storage device is lost or stolen, the user may lose the corresponding funds, much like misplacing a cash wallet. For online digital euro holdings and transactions, retail payments can be carried out anywhere in the euro area, whether in proximity or remotely, and the application of the existing AML/CFT framework to such payments mitigates the risks inherent to the online functionality.

Or. en

Amendment 501

Luděk Niedermayer

Proposal for a regulation

Recital 55

Text proposed by the Commission

Amendment

(55) The digital euro should support the programming of conditional digital euro payment transactions by payment service providers. The digital euro should, however, not be “programmable money”, which means units that, due to intrinsically defined spending conditions, can only be used for buying specific types of goods or services, or are subject to time limits after which they are no longer usable. Conditional payment transactions are payments which are automatically triggered by software based on pre-defined and agreed conditions. Conditional payments should not have, as object or effect, the use of digital euro as programmable money. Payment service providers could develop different types of logic to offer a range of conditional payment transactions to digital euro users, including automated payment transactions for placing or withdrawing digital euros, payment standing orders that trigger automatic payments of a specific amount on a specific date, and payments between machines where those machines are programmed to automatically trigger payments for their own spare parts upon ordering them, for charging and paying electricity at most favourable market conditions, for paying insurance, and leasing and maintenance fees on a usage basis.

(55) The digital euro should support some programming of conditional digital euro payment transactions by payment service providers, including defined spending conditions for the purchase of certain types of goods or services, or transactions that are subject to time limits after which they are no longer usable. Conditional payment transactions are payments which are automatically triggered by software based on pre-defined and agreed conditions. Payment service providers could develop different types of logic to offer a range of conditional payment transactions to digital euro users, including automated payment transactions for placing or withdrawing digital euros, payment standing orders that trigger automatic payments of a specific amount on a specific date, and payments between machines where those machines are programmed to automatically trigger payments for their own spare parts upon ordering them, for charging and paying electricity at most favourable market conditions, for paying insurance, and leasing and maintenance fees on a usage basis.

Or. en

Amendment 502

Nikos Papandreou, Aurore Lalucq, Evelyn Regner, Carla Tavares, Jonás Fernández, Thomas Bajada, Matthias Ecke

Proposal for a regulation

Recital 55

Text proposed by the Commission

Amendment

(55) The digital euro should support the programming of conditional digital euro payment transactions by payment service providers. The digital euro should, however, not be “programmable money”, which means units that, due to intrinsically defined spending conditions, can only be used for buying specific types of goods or services, or are subject to time limits after which they are no longer usable. The need for fungibility at par with the digital euro with euro banknotes, whose legal tender status is enshrined in the Treaty and euro coins would logically exclude any form of programmable money. Conditional payment transactions are payments which are automatically triggered by software based on pre-defined and agreed conditions. Conditional payments should not have, as object or effect, the use of digital euro as programmable money. Payment service providers could develop different types of logic to offer a range of conditional payment transactions to digital euro users, including automated payment transactions for placing or withdrawing digital euros, payment standing orders that trigger automatic payments of a specific amount on a specific date, and payments between machines where those machines are programmed to automatically trigger payments for their own spare parts upon ordering them, for charging and paying electricity at most favourable market conditions, for paying insurance, and leasing and maintenance fees on a usage basis.

Or. en

Amendment 503

Sibylle Berg

Proposal for a regulation

Recital 56

Text proposed by the Commission

Amendment

(56) To facilitate the use of digital euro and the provision of innovative services, the Eurosystem should support the provision of conditional digital euro payment transactions. First, some types of conditional payment services could be supported through detailed measures, rules and standards that could help payment service providers to develop and operate interoperable applications that execute conditional logic. That could include a set of technical tools such as application programming interfaces. Second, the Eurosystem could provide additional functionalities in the digital euro settlement infrastructure, necessary for the provision of conditional payment services to digital euro users. That could facilitate the reservation of funds in the settlement infrastructure for future execution of some conditional payments. Payment service providers should adapt the business logic for conditional digital euro payment transactions in accordance with the standards and application programming interfaces which the Eurosystem may adopt to facilitate such transactions.

(56) To facilitate the use of digital euro and the provision of innovative services, the Eurosystem should support the provision of conditional digital euro payment transactions. First, some types of conditional payment services could be supported through detailed measures, rules and standards that could help payment service providers to develop and operate interoperable applications that execute conditional logic. Second, the Eurosystem could provide additional functionalities in the digital euro settlement infrastructure, necessary for the provision of conditional payment services to digital euro users. That could facilitate the reservation of funds in the settlement infrastructure for future execution of some conditional payments. Payment service providers should adapt the business logic for conditional digital euro payment transactions in accordance with the standards and application programming interfaces which the Eurosystem may adopt to facilitate such transactions.

Or. en

Justification

too vague

Amendment 504

Sibylle Berg

Proposal for a regulation

Recital 56 a (new)

Text proposed by the Commission

Amendment

(56a) In order for the digital euro to provide consumers with benefits comparable to existing payment solutions, it should allow voluntary participation in bonus, point and loyalty schemes, as is currently the case for many credit cards. However, these benefits must only be provided in a privacy-friendly and non-traceable form. In particular, neither payment data nor behavioural information which may be derived therefrom may be disclosed to scheme or service providers. Bonus mechanisms should therefore be based on privacy enhancing technologies, such as local processing, pseudonymisation, cryptographic confirmation or other solutions that prevent the profiling of users’ payment behaviour.

Or. de

(See also new article 24a.)

Justification

The introduction of privacy-friendly bonus and loyalty schemes offers three key advantages. Firstly, this makes the digital euro immediately seem less like a bureaucratic project from the last century. Secondly, Europe gains something that, looked upon kindly, could be described as data sovereignty. Thirdly, we need to feel less dependent on global payment systems that know more about our way of life than our own families (although for some this may be preferable).