The measure is intended to reduce the eurozone’s reliance on non-European payment providers. International card schemes accounted for about 61% of euro-area card payments in 2022. Under the plan, a digital form of central bank money would be established for everyday payments, available online and offline. It would complement cash rather than replace it, with basic services offered free of charge. Users would face a cap on digital-euro holdings, intended to limit risks to bank deposits and financial stability. The European Central Bank hopes to be ready for a possible launch in 2029, provided legislation is finalized in 2026. Today’s decision is expected to be confirmed at the parliament’s July plenary before negotiations begin with EU member states.