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Instant payments in euro

Lyhyesti 31-01-2024

To ensure affordable, secure instant payments in euro that conform to rules on sanctions and financial crime, the European Commission proposed a regulation in October 2022. The new rules would mean citizens and businesses would pay standard transfer prices for instant money transfers. A provisional political agreement reached between the Parliament and Council is scheduled for vote during the February I plenary session.

The IA underpins the proposal for the second revision of the Payment Services Directive with relevant internal and external expertise. Despite some weaknesses in the definition of objectives, it follows a clear intervention logic, based on four problem areas. To tackle these, 16 options and combinations of options are assessed, 12 of which are selected for the final package of preferred options. While the analysis is clear and logical overall, the details of the measures under the options and of ...

This briefing summarises the conclusions of the ECB’s investigation phase and gives an overview of the recent legislative proposals from the Commission. It also discusses the ECB’s legal opinion, highlighting where the ECB has concerns with the legislative proposals. These concerns chiefly result from perceived intrusions by the legislation into the ECB’s monetary policy competences. Finally, the briefing points out open questions and tentative answers, including on the delineation of competences ...

Markets in crypto-assets (MiCA)

Briefing 29-09-2023

The Regulation on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937, establishes harmonised rules for crypto-assets at EU level, thereby providing legal certainty for crypto-assets not covered by existing EU legislation. By enhancing the protection of consumers and investors as well as financial stability, the regulation promotes innovation and the use of crypto-assets. The regulation identifies and covers three ...

Digital euro package

Briefing 18-09-2023

A digital euro can be understood as central bank money offered in digital form for citizens and businesses to be used for their retail payments. It would be a central bank digital currency (CBDC) –an electronic equivalent to cash, complementing banknotes and coins – and the central motivation to develop a CBDC can be explained by the increasing digitalisation of financial services. Banknotes and coins, currently the only public money, are considered the ultimate anchor of the financial system. However ...

In this in-depth analysis, we summarise and explain the directions that the ECB has in mind for the digital euro, based on the ECB’s progress reports and statements. This substantially revised analysis reflects now also the fourth progress report and selected elements of the Commission’s proposals of 28 June 2023. We also highlight further questions that may deserve the legislators’ attention when they discuss the recent European Commission proposal. The analysis also entails a summary of the external ...

Payment services enable digital payments through direct debits, credit transfers or payments with cards or similar devices. Within the EU, these are regulated through the revised Payment Services Directive (PSD2), which sets rules for payment services, their providers and consumer protection. Announced in September 2021 under the digital finance strategy and the retail payments strategy, the Commission published two proposals on the revision of PSD2 on 28 June 2023 as part of the financial data access ...

This study assesses the ECB’s first three progress reports on the digital euro from a legal perspective. It looks into what key design choices proposed by the ECB reveal in terms of the legal qualification of the digital euro and discusses legal aspects of the infrastructure supporting it.

This study analyses the need to adopt further EU financial regulation on decentralized finance after the implementation of the Markets in Crypto Asset Regulation and the revision of the Transfer of Funds Regulation, with a special view on crypto lending, crypto staking, crypto custody, the use of non-formal information, NFTs and sustainability. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and ...

The study argues in favour of the introduction of a digital euro because of its benefits for the public’s store of value and cashless payment options. It questions the assumption that caps on digital euro holdings would be necessary in the interest of financial stability and favours an approach that allows everyone unlimited access to digital euros.