European Parliament voted in favor: supports the launch of a digital euro with both online and offline functions

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The European Parliament supports the simultaneous launch of both online and offline versions of the digital euro, overturning a previous proposal to launch only the offline version. This decision aligns with the stance of the European Central Bank, making the implementation of a dual-function digital euro more likely.

The amendment passed by Parliament on Tuesday lays the groundwork for critical discussions soon to take place in the Committee on Economic and Monetary Affairs. In line with previous developments, EU member states reached a consensus on the digital euro project last December, while the European Parliament’s vote aims to finalize its official position.

In its statement, the European Parliament emphasized that the digital euro is significant for safeguarding EU monetary sovereignty, reducing reliance on foreign actors in retail payments, and strengthening the unity and autonomy of the single market. The statement further notes that if the digital transformation of payment systems is mainly led by non-EU parties, European users and merchants could face new systemic risks.

The European Central Bank is promoting the digital euro project to reduce reliance on payment companies like Visa and Mastercard. If the ensuing legislative process goes smoothly, the ECB expects to launch a pilot in 2027 and officially roll out the digital euro in 2029.

Parliament's Change of Position

Rapporteur Fernando Navarrete recommended in a report published last October to provide only the offline version of the digital euro, unless users are unable to address online payment needs themselves. However, Tuesday's vote by Parliament overturned this proposal, instead supporting the ECB’s dual-function approach of both online and offline versions.

The Committee on Economic and Monetary Affairs is expected to vote on the proposal in early May. Piero Cipollone, an ECB Executive Board member, has actively promoted the dual-function version, stating that online and offline features will be complementary, making the usage experience of digital currency more similar to cash.

Monetary Sovereignty Considerations

The ECB is pushing forward the digital euro project to reduce dependence on external suppliers in the European payment system, a goal that has become particularly urgent in the context of tightening transatlantic relations. However, the project must still await the completion of relevant legislative procedures at the EU level.

The European Parliament stresses that the digital euro is a key tool for strengthening EU monetary sovereignty. As the payments system accelerates its digital transformation, the EU must ensure that its payments ecosystem is not dominated by non-EU entities, avoiding new external dependencies and sovereign risks in critical financial infrastructure.

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