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DRAFT REPORT (COM(2023)0369 – C90219/2023 – 2023/0212(COD))

On the proposal for a regulation of the European Parliament and of the Council on the establishment of the digital euro

ECON-PR-758954

Committee on Economic and Monetary Affairs · Rapporteur: Stefan Berger

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

The draft report proposes amendments to the Commission's regulation establishing the digital euro, renaming it 'Digital Euro' and adjusting rules on distribution, holding limits, fees, privacy, and governance. It requires a dedicated unit in the European Central Bank for Digital Euro tasks, sets rules for payment service providers, and mandates free basic services for certain users. It also addresses offline transactions, conditional payments, interoperability, and introduces a scrutiny procedure before issuance.

Committee position. The rapporteur proposes amendments to the Commission proposal, mainly renaming 'digital euro' to 'Digital Euro', altering distribution and fee rules, and adding governance and scrutiny provisions.

Key points

  1. Renames 'digital euro' to 'Digital Euro' throughout the text.
  2. Defines Digital Euro as digital form of banknotes and coins, a liability of the European Central Bank or national central banks.
  3. Establishes a dedicated unit within the European Central Bank for Digital Euro tasks, independent in accounting, organisation, and decision-making.
  4. Requires payment service providers to offer basic Digital Euro services to natural persons, including those without a payment account, and provide digital inclusion support.
  5. Sets that basic Digital Euro payment services for natural persons residing in the euro area, former residents, and visitors are free of charge.
  6. Allows payment service providers to define holding limits for customers, with limits applying to both offline and online holdings.
  7. Deletes provisions on maximum fees and charges, instead letting market participants set them subject to proportionality.
  8. Requires the European Central Bank to ensure interoperability of Digital Euro with private digital means of payment and to support conditional payments on distributed ledgers.
  9. Mandates that payment service providers offer at least one interoperable front-end service and allows the European Central Bank to provide a back-up front-end.
  10. Introduces a scrutiny procedure where the European Parliament, Council, Commission, and European Central Bank assess the technology before issuance.
  11. Changes delegated act periods: five years for delegation, three months for objection, extendable by three months.

Who is affected

  • Payment service providers, including credit institutions, must distribute Digital Euro and provide basic services.
  • Natural persons in the euro area, including vulnerable groups, get free basic Digital Euro services.
  • Merchants subject to mandatory acceptance may face charges set by market, not capped.
  • European Central Bank must establish a dedicated unit and ensure interoperability.

Figures and deadlines

  • Delegated acts power conferred for five years from entry into force.
  • Objection period for delegated acts is three months, extendable by three months.

Legal basis: Article 294(2) and Article 133 of the Treaty on the Functioning of the European Union