Negotiators from the European Parliament, the Council and the Commission held the fifth political trilogue on the digital euro regulation on 20 October. They discussed limits for offline payments, anti-money laundering rules for small transactions and the long-term operating model. Technical talks on data protection start from 21 October, while use outside the euro area will be examined on 27 and 28 October. The next political trilogue is scheduled for 5 November.

What it means: Negotiations on the digital euro have picked up pace, a sign the institutions want a deal before the end of the year or early next year. The topics of the fifth trilogue are among the most sensitive for citizens. Offline payments are the feature that brings the digital euro closest to cash, because they can be made without internet access and with a high degree of privacy. The higher the limit, the greater the privacy, but also the risk of abuse for money laundering. That is why the two issues are discussed together. The operating model is about who pays: how much banks and payment providers can charge merchants and who covers the cost of the infrastructure. For Greek merchants, this is crucial, because one of the arguments for the digital euro is lower fees than cards. Data protection and use outside the euro area are also contested, with Parliament placing particular weight on privacy. No final decisions have been taken, and whatever is agreed will need formal approval by both co-legislators.

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