Overview
The analysis is based on the draft report from the European Parliament's Committee on Economic and Monetary Affairs (ECON-PR-778136_EN) and a Council document outlining the Single Currency Package (ST 16670 2025 INIT). The file concerns a Commission proposal for a Regulation on the establishment of the digital euro, under the ordinary legislative procedure (2023/0212(COD)). The current status is ongoing, with the European Parliament awaiting a committee decision at first reading. The core policy objective is to create a legal framework for a digital euro, with a notable shift in the parliamentary draft towards prioritising an offline digital euro that replicates cash-like features for privacy and financial stability.
Legislative timeline
The procedural history shows ongoing first-reading work in the European Parliament. The file was referred to the responsible committee on 19 October 2023. Key milestones include a committee opinion tabled in November 2023, a committee report tabled in February 2024, and several rounds of committee amendments tabled throughout 2024 and 2025, with the most recent recorded on 19 December 2025. On the same date, the Council held meetings concerning the Single Currency Package for the digital euro regulation. The next step is a committee decision in the European Parliament.
Institutional handling
The lead committee in the European Parliament is the Committee on Economic and Monetary Affairs (ECON). The Committee on Civil Liberties, Justice and Home Affairs (LIBE) is an associated committee, reflecting the file's implications for data protection and fundamental rights. Within the Commission, the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (FISMA) is responsible, under Commissioner Maria Luís Albuquerque. In the Council, the dossier is handled by the Economic and Financial Affairs Council (ECOFIN) configuration.
Stakeholder reactions
Stakeholder engagement has been extensive, with 383 documented meetings involving 241 distinct organisations. The majority of these meetings (317) were with Members of the European Parliament, with additional engagements with Commissioners (49) and Commission staff (17). The most active organisations in these contacts include Mastercard Europe, Asociación Española de Banca, Amazon Europe Core SARL, Banco Santander, S.A., and DSGV (Deutscher Sparkassen-und Giroverband). Positions on the digital euro itself vary; for instance, BEUC (The European Consumer Organisation) is supportive, while Mastercard, the European Payment Initiative (EPI), and DSGV express opposition, with arguments focusing on interoperability, distribution roles, and project viability. On related matters, several stakeholders, including BEUC, the German Banking Industry Committee, and Mastercard, have expressed support for broader regulatory simplification in the EU. EuroCommerce has advocated for a proportionate approach regarding the legal tender status of cash.
Media coverage
Media coverage includes 19 articles from six countries: Belgium, Brussels, Germany, Italy, the Netherlands, and Romania. One article links the digital euro to broader discussions on EU strategic autonomy, noting that the EU is considering measures, including a digital euro, to bolster autonomy in the context of US sanctions affecting payment systems.