Activities of Patricia CHAGNON related to 2023/0212(COD)
Shadow opinions (1)
OPINION on the proposal for a regulation of the European Parliament and of the Council on the establishment of the digital euro
Amendments (6)
Amendment 34 #
Proposal for a regulation
Recital 4
Recital 4
(4) To address the need of a rapidly digitalising economy, the digital euro should support a variety of use cases of retail payments under 50 euros. Those use case include person to person, person to business, person to government, business to person, business to business, business to government, government to person, government to business, and government to government payments. In addition, the digital euro should also be able to fulfil future payments needs, and in particular machine to machine payment in the context of Industry 4.0 and payments in the decentralised internet (web3). The digital euro should not cater for payments between financial intermediaries, payment service providers and other market participants (that is to say wholesale payments), for which settlement systems in central bank money exist and where the use of different technologies is being further investigated by the Eurosystem.
Amendment 37 #
Proposal for a regulation
Recital 6
Recital 6
(6) The digital euro should complement euro banknotes and coins and should not replace the physical forms of the single currency. As legal tender instruments, both cash and digital euro are equally important for payments over 50 euros. Regulation (EU) [please insert reference – proposal for a Regulation on the legal tender of euro banknotes and coins - COM/2023/364] would harmonise legal tender for cash and ensure that cash is widely distributed and effectively used.
Amendment 38 #
Proposal for a regulation
Recital 7
Recital 7
(7) Future developments in digital payments may affect the role of the euro in retail payment markets both in the European Union and internationally. Many central banks around the world are currently exploring the issuance of central bank digital currencies (‘CBDCs’) and some countries have already issued a CBDC. In addition, so-called third country stablecoins not denominated in euro, could, if widely used for payments, displace euro denominated payments in the Union’s economy by satisfying demand for programmable payments (which are referred as conditional payments in the context of this Regulation), including in e- commerce, capital markets or industry 4.0. A digital euro would therefore be important to maintain the role of the euro in the digital age. However, the digital euro is not intended to replace cash.
Amendment 39 #
Proposal for a regulation
Recital 8
Recital 8
(8) It is therefore necessary to lay down a legal framework for establishing a digital form of the euro with the status of legal tender under 50 euros, for use by people, businesses and public authorities in the euro area. As a new form of the euro available to the general public, the digital euro should have important societal and economic consequences. It is therefore necessary to establish the digital euro and to regulate its main characteristics, as a measure of monetary law. The European Central Bank is competent to issue and to authorise the issuance of the digital euro by national central banks of the Member States whose currency is the euro, exercising its powers under the Treaties. On the basis of those powers and in accordance with the legal framework set out in this Regulation, the European Central Bank should thus be able to decide whether to issue the digital euro, at which times and in what amounts, and other particular measures that are intrinsically connected to its issuance, in addition to banknotes and coins.
Amendment 40 #
Proposal for a regulation
Recital 13
Recital 13
(13) Member States, their relevant authorities and payment service providers should deploy information and educational measures to ensure the necessary level of awareness and knowledge of the different aspects of the digital euro. No additional costs will be charged to users, whether they are clients or merchants.
Amendment 48 #
Proposal for a regulation
Recital 41
Recital 41
(41) The European Central Bank or the Eurosystem do not charge payment service providers for the costs it bears to support their provision of digital euro services to digital euro users. Similarly, payment service providers should not charge users for the costs they bear to support the use of digital euro services.