50 Amendments of Stéphanie YON-COURTIN related to 2023/0212(COD)
Amendment 126 #
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. 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). TIn the future, the digital euro shwould not caterbe relevant also 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. By offering a wide variety of uses cases, including online and offline payment options across Europe, a digital euro could be beneficial for both consumers and businesses. Intermediaries could be given the opportunity to offer innovative services based on the digital euro, and it could facilitate the rapid uptake of payment solutions in the euro area. In this sense, the digital euro could be a way to foster innovation, improve payment’s efficiency and support EU’s competitiveness.
Amendment 137 #
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) Large digital companies are developing rapidly in the payments sector. Two thirds of EU card payment transactions are run by non-EU companies today, and their market share is likely to increase in the coming years, highlighting an increased risk of market domination and dependence on foreign payment technologies which could have undesired implications for the European Union‘s strategic autonomy.
Amendment 142 #
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, 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 lawwould be a European means of payment which could be used free of charge, for any digital payment, anywhere in the euro area. Together with cash, a digital euro would preserve European citizens’ freedom to use a public means of payment. It is therefore necessary to establish the digital euro and to regulate its main characteristics, as a measure of monetary law, to preserve the role and share of central bank money in payments, while not coming at the expense of other objectives, such as protecting monetary policy transmission or financial stability. 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, and in accordance with Article 4 of 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 147 #
Proposal for a regulation
Recital 9
Recital 9
(9) Like euro banknotes and coins, the digital euro should be a direct liability item in the balance sheet of the European Central Bank or of the national central banks of the Member States whose currency is the euro towards digital euro users. The digital euro holdings should be the property of digital euro users and not of the payment services providers providing digital euro services. The digital euro should be issued for an amount equal to the face value of the corresponding liability item on the consolidated balance sheet of the European Central Bank and the national central banks of the Member States whose currency is the euro, in particular by converting payment service providers’ central bank reserves into digital euro holdings, to satisfy demand from digital euro users. To hold and use digital euros, digital euro users should only need to establish a contractual relationship with payment service providers distributing the digital euro to open digital euro payment accounts. No account or other contractual relationship would be established between the digital euro user and the European Central Bank or the national central banks. Payment service providers should manage the digital euro accounts of digital euro users on their behalf and provide them with digital euro payment services. Since payment service providers are not a party to the direct liability held by digital euro users towards the European Central Bank and the national central banks of the Member States whose currency is the euro, and are acting on behalf of digital euro users, the insolvency of payment service providers would not affect digital euro users.
Amendment 160 #
Proposal for a regulation
Recital 19
Recital 19
(19) In order to ensure that additional exceptions to the mandatory acceptance of the digital euro may be introduced at a later stage if they are required, for example due to technical specificities that may appear in the future, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of the introduction of additional exceptions of a monetary law nature to the obligation to accept digital euro payment transactions, which would apply in a harmonised way across the euro area, taking into account any proposals from Member States to this end. The Commission may only adopt such exceptions if they are necessary, justified on grounds of general interest, proportionate, and preserve the effectiveness of the legal tender status of the digital euro, and if other public means of payment are available. The power of the Commission to adopt delegated acts for the introduction of additional exceptions to the obligation to accept digital euro payment transactions should be without prejudice to the possibility for Member States, pursuant to their own powers in areas of shared competence, to adopt national legislation introducing exceptions to the mandatory acceptance deriving from the legal tender status in accordance with the conditions laid down by the Court of Justice of the European Union in its judgment in Joined Cases C-422/19 and C- 423/19.
Amendment 172 #
Proposal for a regulation
Recital 30 a (new)
Recital 30 a (new)
(30a) With a view to enabling natural and legal persons to access and use digital euro, to defining and implementing monetary policy and to contributing to the stability of the financial system, the use of the digital euro as a store of value might be subject to limits. With a view to ensuring an effective use of the digital euro as a legal tender means of payment, and to avoiding excessive charges for merchants subject to the obligation to accept the digital euro under Chapter II while providing compensation for the relevant costs incurred by payment services providers for the provision of digital euro payments, the level of charges or fees to be paid by natural persons or merchants to payment service providers, or between payment service providers, should be subject to limits.
Amendment 188 #
Proposal for a regulation
Recital 37
Recital 37
(37) While instruments employed by the European Central Bank to limit an excessive use of the digital euro as a store of value aim at safeguarding financial stability and financial intermediation, they may nonetheless impact on and interact with the European Central Bank’s monetary policy stance. Such instruments would therefore need to be applied uniformly across the euro area in order to ensure the use of the digital euro as a single currency and the singleness of the monetary policy. Furthermore, a uniform application would be necessary to ensure a level playing field for payment service providers in the European single market or avoid an overly complex enforcement of any instrument through payment service providers on the basis of digital euro users’ residency. Within the framework of this Regulation, tThe digital euro holdings should not bear interest for the purposes of primarily using the digital euro as a means of payment while limiting its use as a store of value.
Amendment 218 #
Proposal for a regulation
Recital 67
Recital 67
(67) For reasons of contractual freedom and to ensure competition, digital euro users should have the possibility to switch their digital euro payment accounts to different payment service providers free of charge. At the request of the digital euro users, payment service providers should then enable the switching of the digital euro payment accounts, while maintaining the same account identifiers. In exceptional circumstances where a payment service provider is unable to perform this task, including due to having lost the relevant digital euro payment account-related data, the European Central Bank should be able to authorise the switching of digital euro payment accounts so that the new payment service provider designated by the digital euro user can retrieve the information about the digital euro holdings of the digital euro user and complete the switching without relying on the unavailable payment service provider. This process should allow a digital euro user to then continue accessing its digital euro holdings via the new designated payment service provider. The European Central Bank would not have any operational role in the switching on account both in both going concern situations and exceptional circumstances.
Amendment 235 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
With a view to adapting the euro to technological changes and to ensuring its use as a single currency, this Regulation establishes the digital euro as a new form of central bank digital currency issued for retail use and lays down rules concerning in particular its legal tender status, distribution, use, and essential technical features.
Amendment 236 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
1. ‘digital euro’ means the digital form of the single currency available to natural and legal persons, issued by the European Central Bank or the national central banks, constituting a liability on the balance sheet of these entities;
Amendment 239 #
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
4. ‘digital euro user’ means any natural or legal persone making use of a digital euro payment service in the capacity of payer, payee, or both;
Amendment 252 #
Proposal for a regulation
Article 2 – paragraph 1 – point 11
Article 2 – paragraph 1 – point 11
11. ‘funding’ means the process whereby a digital euro user acquires digital euros, in exchange for either cash or other funds, creating a direct liability item on the balance sheet of the European Central Bank or a national central bank towards that digital euro user;
Amendment 276 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. In accordance with the Treaties, the European Central Bank shall have the exclusive right to authorise the issue of the digital euro, and the European Central Bank and the national central banks may issue the digital euro, subject to the required procedure pursuant to paragraph 1.
Amendment 279 #
Proposal for a regulation
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
1a. Before the planned issuance of the digital euro, the ECB shall submit a report to the European Parliament, the Council and the Commission demonstrating the compliance of the project with the rules laid down by this regulation. That report shall be presented to the relevant committee of the European Parliament and the Council configuration on Economic and Financial Affairs.
Amendment 280 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The digital euro shall be a direct liability item in the balance sheet of the European Central Bank or of national central banks towards digital euro users. The digital euro holdings shall be the property of digital euro users and not of the payment services providers providing digital euro services.
Amendment 336 #
Proposal for a regulation
Article 13 – paragraph 4 a (new)
Article 13 – paragraph 4 a (new)
4a. Where an online digital euro payment transaction is initiated by a digital euro user, whether funded by a non-digital euro payment account or not, the following shall apply: (a) the payment service provider providing the digital euro payment account shall perform the strong authentication of the digital euro user in accordance with Article 97 paragraph 1 of Directive EU 2015/2366; (b) in case of unauthorized payment transaction, the payment service provider providing the digital euro payment account shall be liable in accordance and within the conditions set out in Articles 72 and 73 of Directive 2015/2366 of 25 November 2015 on payment services in the internal market. Accordingly, and where applicable, it shall refund the digital euro user the amount of the unauthorised payment transaction on the debited digital euro payment account and on the debited non-digital euro payment account; (c) the digital euro user shall address his complaint only to the payment service provider providing the digital euro account, without any recourse to the payment service provider providing the non-digital euro payment account.
Amendment 342 #
Proposal for a regulation
Article 13 – paragraph 6 – subparagraph 1 (new)
Article 13 – paragraph 6 – subparagraph 1 (new)
In case a payment service provider providing digital euro payment services enters into insolvency or other similar proceedings, the digital euro holdings of digital euro users would not be affected.
Amendment 352 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. For the purpose of distributing the digital euro to natural persons referred to in Article 13(1)(a), credit institutionpayment service providers that provide payment services as referred to in points (1), (2) or (3) of Annex I to Directive (EU) 2015/2366 shall, upon request of their clientusers, provide those personsem with all basic digital euro payment services as referred to in Annex II.
Amendment 357 #
Proposal for a regulation
Article 14 – paragraph 3 – point a
Article 14 – paragraph 3 – point a
(a) provide basic digital euro payment services to natural persons referred to in Article 13(1)(a) that do not hold or do not wish to hold a non-digital euro payment account at a credit institution or at another payment service provider that may distribute the digital euro;
Amendment 366 #
Proposal for a regulation
Article 14 – paragraph 5 – subparagraph 1 (new)
Article 14 – paragraph 5 – subparagraph 1 (new)
One year after the first issuance of the digital euro and every three years thereafter, the Commission shall present to the European Parliament and to the Council a report analysing the distribution of the digital euro by Payment Service Providers, and where appropriate a legislative proposal. This report shall include: (a) the level of distribution among citizens, including the number of digital euro payment accounts opened by payment service providers; (b) the number of payment service providers distributing the digital euro; (c) the categories of payment service providers distributing the digital euro; (d) the disparities in distribution levels among member states; (e) the difficulties and barriers faced by citizens in the process of opening digital euro accounts.
Amendment 368 #
Proposal for a regulation
Article 15
Article 15
Amendment 384 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. For the purpose of Article 15(1), the European Central Bank shall develop instruments to limit the use of the digital euro as a store of value and shall decide on their parameters and use, in accordance with the framework set out in thisThe European Central Bank shall set holding limits applicable to digital euro users to limit the use of the digital euro as a store of value, in accordance with the framework set out in this Article. When defining these limits, the ECB shall be subject to a statutory due process involving European co-legislators. On the basis of the ECB proposal for holding limits, the Commission shall be empowered to adopt delegated acts in accordance with Article 38. PSPs providing account servicing payment services within the meaning of Directive 2015/2366 to natural and legal persons referred to in Article 12(1) shall apply these limits to digital euro payment accounts.
Amendment 428 #
Proposal for a regulation
Article 16 – paragraph 8
Article 16 – paragraph 8
8. Within the framework of this Regulation, tThe digital euro shall not bear interest.
Amendment 442 #
Proposal for a regulation
Article 17 – paragraph 2 – introductory part
Article 17 – paragraph 2 – introductory part
2. For the purpose of Article 15(2), any merchant service charge or inter-PSP fee in relation to digital euro payment transactions shall comply with the principle of proportionality. Any merchant service charge or inter-PSP fee shall not exceed the lowest of the following two amounts:
Amendment 447 #
Proposal for a regulation
Article 17 – paragraph 2 – point a
Article 17 – paragraph 2 – point a
Amendment 455 #
Proposal for a regulation
Article 17 – paragraph 2 – point b
Article 17 – paragraph 2 – point b
Amendment 462 #
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The European Central Bank shall regularly monitor the information that is relevant for the purposes of the amounts referred to in paragraph 2, and publish periodically the amounts resulting from that monitoring with an explanatory reportpublish annually the levels of fees, merchant service charge and inter-PSP fees applied to the digital euro.
Amendment 466 #
Proposal for a regulation
Article 17 – paragraph 4
Article 17 – paragraph 4
4. The European Central Bank may require payment service providers to provide all information necessary for the application of this Article and to verify compliance with it. Any information requested shall be sent by payment service providers within the time limit set by the European Central Bank. The European Central Bank may require that such information is certified by an independent auditor.Payment service providers shall communicate annually to the ECB the level of fees, charges, merchant service charge and inter-PSP fees applied to digital euro services
Amendment 468 #
Proposal for a regulation
Article 17 – paragraph 4 – subparagraph 1 (new)
Article 17 – paragraph 4 – subparagraph 1 (new)
Where the information referred to in paragraph 4 concerns personal data, the European Central Bank shall require only the data that is strictly necessary for the purposes of the processing, and in full implementation of the principle of data minimisation. The requests for information by the ECB shall always be in writing, reasoned and occasional, and shall not concern the entirety of a filing system or lead to the interconnection of filing systems.
Amendment 473 #
Proposal for a regulation
Article 17 – paragraph 5 – introductory part
Article 17 – paragraph 5 – introductory part
5. The methodology to be developed by the European Central Bank for the monitoring and the calculations of the amountCommission shall be empowered to adopt delegated acts in accordance with Article 38 to set the maximum levels of the merchant service charge and inter-PSP fees referred to in paragraphs 2 and 3 shall be, using a methodology based on the following parameters:
Amendment 486 #
Proposal for a regulation
Article 17 – paragraph 5 – point c
Article 17 – paragraph 5 – point c
(c) the amount of inter-PSPs fees and merchant service charges as referred to in paragraph 2(b) shall be based on the fees and charges applied by the most cost- efficient a representative group of payment services providers providing comparable digital means of payment in the euro area;
Amendment 488 #
Proposal for a regulation
Article 17 – paragraph 5 – subparagraph 1 (new)
Article 17 – paragraph 5 – subparagraph 1 (new)
When preparing those delegated acts, the Commission shall consult the European Central Bank
Amendment 490 #
Proposal for a regulation
Article 17 – paragraph 7 a (new)
Article 17 – paragraph 7 a (new)
By 18 months after the first issuance of the digital euro and after consulting the ECB, the Commission shall present a report to the European Parliament and the Council on the level of fees and charges applied to digital euro services by payment service provides, accompanied, where appropriate, by a legislative proposal. The report shall contain at least the following: (a) an assessment of the level of fees levied on consumers by payment service providers when providing digital euro payment services; (b) an assessment of the level of merchant service charges levied by payment service providers; (c) an assessment of the level of inter-PSP fees.
Amendment 498 #
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Payment service providers may only distribute the digital euro to natural and legal persons residing or established in a Member State whose currency is not the euro if the European Central Bank and the national central bank of that Member State have signed an arranggreement to that effect.
Amendment 499 #
Proposal for a regulation
Article 18 – paragraph 2 – introductory part
Article 18 – paragraph 2 – introductory part
2. The signing of the arranggreement referred to in paragraph 1 shall be subject to all of the following conditions:
Amendment 501 #
Proposal for a regulation
Article 18 – paragraph 2 – point b – introductory part
Article 18 – paragraph 2 – point b – introductory part
(b) in its request, the Member State whose currency is not the euro has undertaken to conclude an agreement with the European Central Bank that should include at minimum the following commitments :
Amendment 532 #
Proposal for a regulation
Article 26 – paragraph 1
Article 26 – paragraph 1
The European Central Bank shall seek to ensure to the extent possible the interoperability of standards governing digital euro payment services with relevant standards governing private digital means of payment. The European Central Bank shall seek to enable, to the extent possible and where appropriate, privatensure that standards and processes governing the digital means ofeuro payment to use rules, standards and processes governing thservices are usable by private digital euromeans of payment services.
Amendment 564 #
Proposal for a regulation
Article 29 – paragraph 1
Article 29 – paragraph 1
1. Payment Service Providers executoffering digital euro payment transactions shall verify whether any of their digital euro users are listed persons or entities subject to targeted financial restrictive measures. Payment service providers shall carry out such verifications immediately after the entry into force of any new or amended restrictive measures, adopted in accordance with Article 215 TFEU providing for asset freeze or prohibition of making funds or economic resources availablend immediately after the entry into force of any amendment to such targeted financial restrictive measures, and at least once every calendar day.
Amendment 566 #
Proposal for a regulation
Article 29 – paragraph 2
Article 29 – paragraph 2
2. During the execution of a digital euro payment transaction, the payer’s payment service provider and the payee’s payment service provider involved in the execution of thadigital euro payment transaction shall not verify whether the payer or the payee whose digital euro payment accounts are used for the execution of that digital euro payment transaction are listed persons or entities subject to targeted financial restrictive measures in addition to carrying out verifications under paragraph 1 of this article. .
Amendment 567 #
Proposal for a regulation
Article 29 – paragraph 1 a (new)
Article 29 – paragraph 1 a (new)
1a. Paragraph 1 is without prejudice to actions taken by PSPs in order to comply with restrictive measures, other than targeted financial restrictive measures, adopted in accordance with Article 215 TFEU, with restrictive measures that are not adopted in accordance with Article 215 TFEU, or with Union law on the prevention of money laundering and terrorist financing.
Amendment 570 #
Proposal for a regulation
Article 30 – paragraph 2
Article 30 – paragraph 2
2. Final settlement of online digital euro payment transactions shall occur at the moment of recording the transfer of the digital euros concerned from the payer to the payee in the digital euro settlement infrastructure approved by the Eurosystem. The settlement infrastructure shall be designed in such a way that neither the European Central Bank nor national central banks can attribute data to an identified or identifiable digital euro user.
Amendment 577 #
Proposal for a regulation
Article 31 – paragraph 1
Article 31 – paragraph 1
1. Payment service providers shall enable digital euro users at their request to switch free of charge their digital euro payment accounts to other payment service providers while maintaining the same account identifiers.
Amendment 602 #
Proposal for a regulation
Article 34 – paragraph 2 – subparagraph 1 (new)
Article 34 – paragraph 2 – subparagraph 1 (new)
All personal data not processed for the purposes outlined in (1) (a) - (e) will be treated in accordance with the GDPR regulation.
Amendment 640 #
Proposal for a regulation
Article 37 – paragraph 5
Article 37 – paragraph 5
5. The Commission is empowered to adopt implementingdelegated acts setting offline digital euro payment transaction limits and holding limits. Those implementingdelegated acts shall be adopted in accordance with the examination procedure referred to in Article 39.
Amendment 645 #
Proposal for a regulation
Article 37 – paragraph 6 – subparagraph 1 – introductory part
Article 37 – paragraph 6 – subparagraph 1 – introductory part
Transaction and holding limits shall take into account the need to prevent money laundering and terrorist financing while not unduly restricting the use of the offline digital euro as a means of payment. The Commission, when drawing up the implementingdelegated acts referred to in paragraph 5, shall take into account in particular the following:
Amendment 652 #
Proposal for a regulation
Article 37 – paragraph 6 a (new)
Article 37 – paragraph 6 a (new)
6a. By one year after the first issuance of the digital euro and after consulting the AMLA and the EDPB, the Commission shall present a report to the European Parliament and the Council on the application of this article and on the money laundering and terrorist financing vulnerabilities and risks of the digital euro transactions, accompanied, where appropriate, by a legislative proposal. The report shall contain at least the following: (a) an assessment of the money laundering and terrorist financing remaining vulnerabilities and risks associated with digital euro transactions benefitting from enhanced privacy; (b) an assessment of the money laundering and terrorist financing remaining vulnerabilities and risks of the digital euro when funding and defunding their payment instrument; (c) an assessment of the usability and acceptance of the digital euro as a legal tender instrument.
Amendment 654 #
Proposal for a regulation
Article 38 – paragraph 2
Article 38 – paragraph 2
2. The power to adopt delegated acts referred to in Articles 11, 33, 34, 35 and 357 shall be conferred on the Commission for an indeterminate period of time from [date of entry into force of this Regulation].
Amendment 655 #
Proposal for a regulation
Article 38 – paragraph 2
Article 38 – paragraph 2
2. The power to adopt delegated acts referred to in Articles 11, 33, 34, 35 and 357 shall be conferred on the Commission for an indeterminate period of time from [date of entry into force of this Regulation].
Amendment 660 #
Proposal for a regulation
Article 38 – paragraph 6
Article 38 – paragraph 6
6. A delegated act adopted pursuant to Articles 11, 33, 34, 35 and 357 shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of one month of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or of the Council.
Amendment 685 #
Proposal for a regulation
Article 41 – paragraph 3
Article 41 – paragraph 3
3. By 3 years from the first issuance of the digital euro, the Commission shall present to the European Parliament and to the Council a report on whether there is a sufficient and effective access to and acceptance of the digital euro in the euro area. The report shall also assess the impact of holding limits on the usage of the digital euro, the evolution of the business model of credit institutions, the potential impact of a removal of holding limits on the deposit levels of credit institutions and the feasibility of such a removal.