Story perspectives

EU Committee Approves Digital Euro, Targeting 2029 Launch

6/24/2026

Summary

EU Approves Digital Euro

The EU Committee on Economic and Monetary Affairs approved the digital euro bill after a vote of 43 for, 14 against, and one abstention.
The scheme seeks to reduce reliance on U.S. payment networks handling 61 % of euro-area card payments.
It will be a digital euro usable online and offline, with privacy safeguards, while the ECB targets a mid-2027 pilot and 2029 launch after a Parliament vote in early July.

Summary

EU Caps Holdings

The draft regulation lets the European Commission set digital-euro holding limit based on a European Central Bank (ECB) recommendation, which bars businesses from holding it more than 24 hours and imposes no interest or fees.
Laura Casonato of Positive Money Europe says plan keeps banks central and offers no alternative to deposits.
ECB simulations show a 3,000-euro cap could trigger withdrawals of 699 billion euros, 8.2 % of sight deposits, hurting lenders.

History

Historical Context

The euro, created under the 1992 Maastricht Treaty and launched as an accounting unit on 1 January 1999, unified twelve national currencies and later circulated 7.4 billion notes and 38.2 billion coins in 2002. Today the European Central Bank and European Commission are proposing a digital euro, echoing the original goal of lowering cross-border transaction costs.

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EU Approves Digital Euro

The EU Committee on Economic and Monetary Affairs approved the digital euro bill after a vote of 43 for, 14 against, and one abstention.
The scheme seeks to reduce reliance on U.S. payment networks handling 61 % of euro-area card payments.
It will be a digital euro usable online and offline, with privacy safeguards, while the ECB targets a mid-2027 pilot and 2029 launch after a Parliament vote in early July.

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