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European Parliament approves negotiations on digital euro
The European Parliament voted 416 in favour, 169 against and 22 abstentions to start formal negotiations with the EU Council on a digital euro. The decision moves the project to the next legislative stage, with Spanish MEP Fernando Navarrete Rojas leading the Parliament’s negotiating team and the Irish Presidency of the Council representing the Member States.
The digital euro is intended as a cash‑like electronic payment method, limited to a €3,000 wallet per person and without interest, to avoid crowding out bank deposits. The European Central Bank aims for a pilot phase in 2027 and a full launch by 2029. The initiative seeks to reduce the EU’s reliance on non‑EU payment providers, bolster financial sovereignty and complement existing cash and traditional payment methods.