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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-778136

Committee on Economic and Monetary Affairs · Rapporteur: Fernando Navarrete Rojas

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This draft report proposes amendments to the Commission's regulation establishing the digital euro, distinguishing between an offline digital euro and an online digital euro. The offline digital euro would be established immediately, while the online digital euro would only be established if the Commission finds no pan-European sovereign retail payment solution exists. The report sets rules on legal tender, distribution, holding limits, fees, privacy, and AML/CFT for both forms.

Committee position. The rapporteur proposes amending the Commission proposal to establish the offline digital euro immediately, while making the online digital euro conditional on the absence of a pan-European sovereign retail payment solution, and introduces detailed rules on holding limits, fees, and privacy.

Key points

  1. Defines offline digital euro as a non-account-based digital representation of cash stored on devices, and online digital euro as an account-based system requiring settlement infrastructure.
  2. Establishes the offline digital euro immediately, but makes the online digital euro conditional on the Commission finding no pan-European sovereign retail payment solution.
  3. Requires the ECB to complete preparatory work for the offline digital euro and to provide a roll-out phase of at least 24 months after issuance.
  4. Grants legal tender status to the digital euro for payments to payees in the euro area, with exceptions for small enterprises and non-profits.
  5. Sets holding limits for natural persons, with no limits for legal persons except during network disruptions, and requires the Commission to set initial limits via delegated acts.
  6. Prohibits fees for basic digital euro services to natural persons, and caps merchant service charges and inter-PSP fees at levels not higher than for comparable means of payment.
  7. Requires PSPs to provide basic digital euro services, including digital inclusion support, and mandates that credit institutions provide these services upon request.
  8. Mandates that PSPs enable funding and defunding, including automatic mechanisms, and restricts users to one offline digital euro device.
  9. Requires the ECB to establish a fraud detection and prevention mechanism for online transactions, and to ensure fraud levels are not higher than for comparable means.
  10. Ensures privacy for offline transactions by prohibiting PSPs from processing transaction data, and requires AML/CFT limits for offline digital euro.
  11. Requires the ECB to act as dispute-settlement body for PSP disputes, and to provide front-end services without accessing personal data.
  12. Mandates that mobile device manufacturers and electronic communication providers allow interoperability for digital euro services on fair terms.

Who is affected

  • Payment service providers distributing the digital euro must offer basic services, comply with limits, and enable funding/defunding.
  • Merchants subject to mandatory acceptance may be charged merchant service charges capped at levels for comparable means.
  • Natural persons in the euro area can hold digital euro subject to holding limits and free basic services.
  • Legal persons are not subject to holding limits except during network disruptions.
  • Mobile device manufacturers and electronic communication providers must allow access for digital euro services.

Figures and deadlines

  • Enterprises with fewer than 50 persons or annual turnover/balance sheet not exceeding EUR 10 million are exempt from mandatory acceptance.
  • Roll-out phase of at least 24 months after issuance of the digital euro.
  • Commission must report within six months of ECB notification on preparatory work for offline digital euro.
  • Initial holding limits must ensure no credit institution faces retail deposit outflow greater than 5%.
  • Total assets of credit institutions with LCR below 100% must be below 1% for euro area and each Member State.
  • Commission must adopt delegated act on holding limits within six months of ECB report.
  • Review of fees and charges by 10 years from issuance.

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