The Committee on Economic and Monetary Affairs (ECON) of the European Parliament adopted its position on establishing a digital euro by a vote of 43 in favor, 14 against and 1 abstention. The European Parliament stated that the digital euro will offer private and secure payment options for citizens and businesses, while lessening the EU’s reliance on external payment service providers. Reuters reported that if no objections are raised at the plenary session of the European Parliament, MEPs will enter negotiations with the Council of the EU and the European Commission, aiming to finalize the approval process by the end of the year.