Negotiations between the Member States of the European Union on the project for a future digital euro have gradually achieved a political balance around three key points, a source in the French Ministry of the Economy and Finance told Agence Europe on Wednesday 10 December. The Danish Presidency of the EU Council has been working intensively in recent weeks on the ‘single currency’ package, which includes the proposed regulatory framework for the issue of a future digital currency by the European Central Bank (ECB).
A compromise was reached last September at the Eurogroup on the governance of the holding ceiling, clarifying an issue of decision-making procedure between the ECB and the Member States (see EUROPE 13713/7). Subsequently, according to this source, a consensus emerged on the distribution of costs, with a cap on fees for merchants and free access for end users. Lastly, the Member States insisted on the principle of a digital euro that respects privacy, thanks in particular to the possibility of ‘offline’ payments offering a level of confidentiality close to that of cash.
On the basis of this rapprochement, Copenhagen hopes to reach an official common position of the Council of the EU by the end of its Presidency. However, when contacted, the Danish Presidency did not respond to our requests for further details on the remaining sticking points by the time we went to press. (Original version in French by Bernard Denuit with Mathieu Bion)