The European Parliament's Economic and Monetary Affairs Committee voted 43-14 on June 23 to approve the proposed regulation establishing a digital euro. The committee simultaneously voted to mandate the start of trilogue negotiations between Parliament, the Council of the EU, and the European Commission. A full Parliament plenary vote is required before trilogue formally begins.
The approved framework provides for both online and offline forms of the digital euro. Offline payments would receive cash-equivalent privacy protections. The regulation sets per-user holding limits to prevent large-scale deposit outflows from commercial banks.
The ECB launched its digital euro preparation phase in November 2023. A restricted beta pilot is scheduled for the second half of 2027. Full public launch is targeted for 2029. The earliest plenary vote opportunity is the July 6-9 Strasbourg session.