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DRAFT REPORT (COM(2023)0364 – C90216/2023 – 2023/0208(COD))

On the proposal for a regulation of the European Parliament and of the Council on the legal tender of euro banknotes and coins

ECON-PR-778137

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

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The draft report sets out Parliament's position on the proposed regulation on the legal tender of euro banknotes and coins. It amends the Commission proposal to require Member States to monitor cash acceptance and access to cash, including in outermost and sparsely populated areas. It bans ex ante unilateral exclusions of cash by payees, places the burden of proof on the payee for agreed alternative means of payment, and requires Member States to set up enforcement mechanisms and compensate financial intermediaries for remedial measures. It changes the delegation of power to the Commission for other adequate exceptions to mandatory acceptance, limiting it to five years and extending the objection period to three months. It requires Member States to give payers and payees clear information on complaint channels and remedies for unlawful refusal of cash and insufficient access to cash.

Committee position. The rapporteur proposes to amend the Commission proposal to strengthen monitoring of cash acceptance and access, ban ex ante unilateral exclusions of cash, require enforcement mechanisms and compensation for financial intermediaries, and limit the delegation of power to five years.

Key points

  1. Member States should monitor ex ante unilateral exclusions of cash in physical premises, covering urban, non-urban, outermost and sparsely populated areas, using common indicators and taking account of citizens' demand for cash.
  2. Member States should give payers and payees clear information on channels and remedies to complain about unlawful refusal of cash and insufficient access to cash.
  3. Member States should monitor access to cash in proportion with citizens' demand, covering all regions including outermost and sparsely populated areas, using common indicators.
  4. The Commission should adopt implementing acts on common indicators that take into account the location and scale of cash-access infrastructure and citizens' demand, after consulting the European Central Bank.
  5. The Commission may adopt implementing acts for a specific Member State when its measures appear insufficient or when exclusions of cash or inadequate access undermine mandatory acceptance.
  6. The Commission, the European Central Bank and national authorities should collaborate and hold a regular dialogue to identify widespread exclusions of cash and insufficient access, and design remedial measures.
  7. The Commission may adopt delegated acts to introduce other adequate exceptions to mandatory acceptance, justified by public interest, proportionate, and only if other payment means are available.
  8. The regulation applies in euro-area Member States to settlement of pecuniary debts in cash, to ex ante unilateral exclusions of cash, and to access to cash.
  9. Payees must use only individually negotiated contractual terms or commercial practices that do not exclude cash; such terms or practices are not binding on the payer.
  10. Member States must monitor cash acceptance and access to cash throughout their territory, including outermost and sparsely populated areas, and set up effective, proportionate and coherent enforcement mechanisms.
  11. Member States that consider cash acceptance or access insufficient must take remedial measures, indicate them in their annual report, and compensate financial intermediaries for additional costs.
  12. The Commission's power to adopt delegated acts on exceptions is conferred for five years, with a report nine months before the end, and tacit extension unless Parliament or the Council objects.

Who is affected

  • Euro-area Member States, which must monitor cash acceptance and access, adopt remedial measures and enforcement mechanisms, and report annually.
  • Payees such as retailers and service providers, who may not use contractual terms or practices that exclude cash.
  • Payers, who are not bound by terms or practices excluding cash and must receive information on complaint channels.
  • Financial intermediaries, which must not incur losses from remedial measures and must be compensated for additional costs.
  • The Commission, which adopts implementing acts on common indicators and may adopt delegated acts on exceptions.

Figures and deadlines

  • five years, the period for which the power to adopt delegated acts is conferred on the Commission
  • nine months before the end of the 5-year period, deadline for the Commission's report on the delegation of power
  • three months, the period for Parliament or the Council to object to a delegated act
  • three months, the extension of the objection period at the initiative of Parliament or the Council

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