Upload euro_pages.txt

euro_pages.txt

@@ -1,7 +1,3 @@
-EN 
-16 
- EN 
-2023/0212 (COD) 
 Proposal for a 
 REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL 
 on the establishment of the digital euro 
@@ -35,24 +31,6 @@ Central bank money in the form of banknotes and coins cannot be used for online
 payments. Today, online payments rely entirely on commercial bank money. The 
 acceptability and fungibility of commercial bank money rely on its convertibility on a 
 one-to-one basis to central bank money with legal tender, which serves as a monetary 
-                                                 
-18 
-OJ C [...], [...], p. [...]. 
-19 
-OJ C […], […], p. […]. 
-20 
-Communication from the Commission to the European Parliament, the Council and the Committee of 
-the Regions on a Digital Finance Strategy for the EU (COM/2020/591 final) 
-21 
-European Parliament’s resolution of 16 February 2022 on the European Central Bank – annual report 
-20212021/2063(INI) 
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-https://data.consilium.europa.eu/doc/document/ST-6301-2022-INIT/en/pdf 
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-European Central Bank, Report on a digital euro, October 2020. 
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- EN 
 anchor. That monetary anchor is at the core of the functioning of monetary and 
 financial systems. It underpins users’ confidence in commercial bank money and in 
 the euro as a currency and is therefore essential to safeguard the stability of the 
@@ -97,18 +75,7 @@ the physical forms of the single currency. As legal tender instruments, both cas
 digital euro are equally important. Regulation (EU) [please insert reference – proposal 
 for a Regulation on the legal tender of euro banknotes and coins - COM/2023/364] would 
 harmonise legal tender for cash and ensure that cash is widely distributed and effectively 
-used.   
-                                                 
-24 
-https://documents1.worldbank.org/curated/en/806481470154477031/pdf/Payment-Aspects-of-
-Financial-Inclusion.pdf 
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-Study on New Digital Payment Methods (europa.eu), March 2022. According to the World Bank, 
-financial inclusion means that individuals have access to useful and affordable financial products and 
-services that meet their needs – transactions, payments, savings, credit and insurance”. 
-EN 
-18 
- EN 
+used.  
 (7) 
 Future developments in digital payments may affect the role of the euro in retail 
 payment markets both in the European Union and internationally. Many central banks 
@@ -162,9 +129,6 @@ such measures, rules and standards have an impact on the protection of individua
 rights and freedoms with regard to the processing of personal data, the European 
 Central Bank should consult the European Data Protection Supervisor. To ensure legal 
 certainty, the Regulation also clarifies that the digital euro is subject to Directive (EU) 
-EN 
-19 
- EN 
 2015/849 of the European Parliament and of the Council, of 20 May 2015, on the 
 prevention of the use of the financial system for the purposes of money laundering or 
 terrorist financing and to Regulation (EU) 2015/847 of the European Parliament and of 
@@ -214,13 +178,6 @@ knowledge of the different aspects of the digital euro.
 According to the case-law of the Court of Justice of the European Union 26, the 
 concept of ‘legal tender’ of a means of payment denominated in a currency unit 
 signifies, in its ordinary sense, that that means of payment cannot generally be refused 
-                                                 
-26 
-See judgment of 26 January 2021 in Joined Cases C-422/19 and C-423/19, Hessischer Rundfunk, 
-EU:C:2021:63 point 46. 
-EN 
-20 
- EN 
 in settlement of a debt denominated in the same currency unit, at its full-face value, 
 with the effect of discharging the debt. 
 (15) 
@@ -269,15 +226,6 @@ the obligation to accept payments in digital euro. In such cases, other means fo
 settlement of monetary debts should remain available. Nevertheless, microenterprises 
 and non-profit legal entities that accept comparable digital means of payment from 
 payers should be subject to the mandatory acceptance of payments in digital euro. 
-                                                 
-27 
-Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro (OJ L 139, 
-11.5.1998, p. 1). 
-28 
-OJ L139, 11.5.1998, p.1. 
-EN 
-21 
- EN 
 Comparable digital means of payment should include debit card payment or instant 
 payment or other future technological solutions used at the point of interaction, but 
 should exclude credit transfer and direct debit that are not initiated at the point of 
@@ -330,9 +278,6 @@ currency is the euro, but no longer reside or are established in such Member Sta
 may still receive digital euro payment services by payment service providers 
 established in the European Economic Area, in line with the Agreement on the 
 European Economic Area, subject to possible time limitations in relation to the status 
-EN 
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- EN 
 of residence or establishment of these persons that the European Central Bank may 
 define.  
 (22) 
@@ -386,9 +331,6 @@ together with the national central banks, they should be joint controllers.
 (26) 
 To support universal access to the digital euro by the general public in the euro area, 
 and to foster innovation and a high level of competition in the retail payment market, 
-EN 
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- EN 
 all the relevant intermediaries should be able to distribute the digital euro. All account 
 servicing payment service providers under Directive 2015/2366, including credit 
 institutions, electronic money institutions, payment institutions, post office giro 
@@ -435,15 +377,6 @@ and elderly persons, it is essential that public entities, including local or re
 authorities, or postal offices, distribute the digital euro. For that purpose, Member 
 States should designate entities that should carry out that task within their territory. 
 Such entities, as payment services providers under Directive (EU) 2015/2366, should 
-                                                 
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-Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 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, OJ L150, 9.6.2023, p. 40   
- 
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- EN 
 comply with the provisions of this Regulation, including Directive (EU) 2015/2366 
 and Directive (EU) 2015/849.  
 (30) 
@@ -496,9 +429,6 @@ identifier of the local storage device used for offline digital euro for the dur
 facilitating the provision of offline digital euro to their customers. The payment 
 service providers should implement appropriate technical and organisational measures 
 including state-of-the-art security and privacy-preserving measures to ensure that the 
-EN 
-25 
- EN 
 identifier of the device of individual digital euro users cannot be used for other 
 purposes other than for the purpose of the provision of offline digital euro.   
 (35) 
@@ -551,9 +481,6 @@ Limits to the use of the digital euro for digital euro users residing or establi
 outside the euro area should not be more favourable than for digital euro users residing 
 or established in the euro area, also to cater for monetary sovereignty and financial 
 stability concerns both within and outside the euro area.  
-EN 
-26 
- EN 
 (39) 
 Any limits to the store of value function that the European Central Bank decided on 
 should be binding on and implemented by the payment service providers distributing 
@@ -607,9 +534,6 @@ essential component of the legal tender status. It is therefore essential that a
 charge, as a restriction of the face value of the digital euro, be objectively justified and 
 proportionate to the objective of ensuring an effective use of the digital euro as a legal 
 tender means of payment.  
-EN 
-27 
- EN 
 (43) 
 To ensure that fees and charges are uniform across the euro area and proportionate, the 
 European Central Bank should regularly monitor their level and, on this basis, publish 
@@ -716,12 +640,6 @@ territories, under a monetary agreement with the Union.
 (51) 
 The use of the digital euro in cross-currency payments would furthermore contribute 
 to foster the international use of the euro. This would also bring benefits to the euro 
-                                                 
-31 
-Agreement on the European Economic Area (OJ L 1, 3.1.1994, p. 3). 
-EN 
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 area and other economies by facilitating cross-border payments for the purpose of 
 trade or remittances, in line with the G20 agenda.  
 (52) 
@@ -770,14 +688,6 @@ where those machines are programmed to automatically trigger payments for their
 spare parts upon ordering them, for charging and paying electricity at most favourable 
 market conditions, for paying insurance, and leasing and maintenance fees on a usage 
 basis. 
-                                                 
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-Directive (EU) 2019/882 of the European Parliament and of the Council of 17 April 2019 on the 
-accessibility requirements for products and services (OJ L 151, 7.6.2019, p. 70). 
- 
-EN 
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- EN 
 (56) 
 To facilitate the use of digital euro and the provision of innovative services, the 
 Eurosystem should support the provision of conditional digital euro payment 
@@ -831,9 +741,6 @@ processes that the European Central Bank may adopt pursuant to its own competenc
 should ensure that any digital euro user is able to carry out digital euro payment 
 transactions with any other digital euro users across the euro area regardless of the 
 payment service providers involved and the front-end services used. To reduce the 
-EN 
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- EN 
 fragmentation of the European retail payments market, and to support competition, 
 efficiency and innovation in that market, and the development of payment instruments 
 across the Union in keeping with the objective of the Commission’s retail payment 
@@ -886,9 +793,6 @@ and the payment infrastructures of payment service providers. In particular, the
 Eurosystem would not have a contractual relationship with digital euro users even if 
 those users use the front-end services provided by the European Central Bank. The 
 ECB and the payment service providers should implement appropriate technical and 
-EN 
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- EN 
 organisational measures including state-of-the-art security and privacy-preserving 
 measures to ensure that the identity of individual digital euro users cannot be accessed 
 by the ECB via its front-end solution. 
@@ -939,13 +843,6 @@ payment service providers. At the request of the digital euro users, payment ser
 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 
-                                                 
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-Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement 
-finality in payment a 
-EN 
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- EN 
 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 
@@ -998,9 +895,6 @@ hardware and software features in mobile devices to process online digital euro
 payment transactions and for storing digital euros on mobile devices for offline digital 
 euro payment transactions. This obligation should be without prejudice to Article 6 
 paragraph (7) of Regulation (EU) 2022/1925, which obliges gatekeepers to provide, 
-EN 
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- EN 
 free of charge, effective interoperability with, and access for the purposes of 
 interoperability to, the operating system, hardware or software features of mobile 
 devices, which is applicable to existing and new digital means of payments, including 
@@ -1041,27 +935,6 @@ pursuant to this Regulation. In the framework of this regulation, the processing
 personal data for the purposes of the enforcement of holding limits, the initiation of 
 the funding and de-funding of a user’s holdings, and the management of local storage 
 devices for offline digital euro payments are tasks in the public interest that are 
-                                                 
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-Statement on the design choices for a digital euro from the privacy and data protection perspective 
-adopted on 10 October 2022. 
-35 
-Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the 
-protection of natural persons with regard to the processing of personal data and on the free movement of 
-such data, and repealing Directive 95/46/EC (General Data Protection Regulation), OJ L 119, 4.5.2016, 
-p. 1–88. 
-36 
-Regulation (EU) 2018/1725 of the European Parliament and of the Council of 23 October 2018 on the 
-protection of natural persons with regard to the processing of personal data by the Union institutions, 
-bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No 
-45/2001 and Decision No 1247/2002/EC, OJ L 295, 21.11.2018, p. 39–98. 
-37 
-Directive 2002/58/EC of the European Parliament and of the Council of 12 July 2002 concerning the 
-processing of personal data and the protection of privacy in the electronic communications sector, OJ L 
-201, 31.07.2002, p. 37.  
-EN 
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 essential for the protection of citizens making use of the digital euro as well as for the 
 stability and integrity of the Union's financial system. Payment service providers will 
 be the controller of personal data as regards these tasks. In addition, payment service 
@@ -1115,9 +988,6 @@ For the purpose of enforcing the holding limits and ensuring the exceptional swi
 of digital euro payment accounts in emergency situations upon the request of the 
 digital euro user, a single access point of digital euro user identifiers and the related 
 digital euro holding limits is necessary to ensure the efficient functioning of the digital 
-EN 
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 euro across the entire euro area, as digital euro users may hold digital euro payment 
 accounts in different Member States. When establishing the single access point, the 
 European Central Bank and national central banks should ensure that the processing of 
@@ -1160,22 +1030,6 @@ pace with technological developments, 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 to supplement this Regulation by adopting delegated acts 
 in respect of additional exceptions to mandatory acceptance and the types of personal 
-                                                 
-38 
-Proposal for a regulation on the prevention of the use of the financial system for the purposes of money 
-laundering or terrorist financing (COM/2021/420 final); Proposal for a Directive establishing the 
-mechanisms that Member States should put in place to prevent the use of the financial system for 
-ML/TF purposes, and repealing Directive (EU) 2015/849 ( COM/2021/423 final); Proposal for a 
-Regulation creating an EU Authority for anti-money laundering and countering the financing of 
-terrorism (‘AMLA’) (COM/2021/421 final); and Proposal for the recast of Regulation (EU) 2015/847 
-expanding traceability requirements to crypto-assets (COM/2021/422 final) 
-39 
-Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on 
-information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006 (OJ L 141, 
-5.6.2015, p. 1). 
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 data processed by payment services providers, the European Central Bank and the 
 national central bank and providers of support services. It is of particular importance 
 that the Commission carry out appropriate consultations during its preparatory work, 
@@ -1207,21 +1061,3 @@ The European Data Protection Supervisor and the European Data Protection Board
 were consulted in accordance with Article 42 of Regulation (EU) 2018/1725 of the 
 European Parliament and of the Council41 and delivered a joint opinion on [XX XX 
 2023]. 
-HAVE ADOPTED THIS REGULATION: 
-CHAPTER I  
-SUBJECT MATTER AND DEFINITIONS 
-Article 1 
-Subject matter 
-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 and lays down rules concerning in 
-particular its legal tender status, distribution, use, and essential technical features.  
-                                                 
-40 
-Regulation (EU) No 182/2011 of the European Parliament and of the Council of 16 February 2011 
-laying down the rules and general principles concerning mechanisms for control by Member States of 
-the Commission’s exercise of implementing powers (OJ L 55, 28.2.2011, p. 13). 
-41 
-Regulation (EU) 2018/1725 of the European Parliament and of the Council of 23 October 2018 on the 
-protection of natural persons with regard to the processing of personal data by the Union institutions, 
-bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No 
-45/2001 and Decision No 1247/2002/EC (OJ L 295, 21.11.2018, p. 39).