This is the best summary I could come up with:

The EU isn't the only jurisdiction considering issuing a central bank digital currency, to coexist with traditional banknotes and coins — so are the likes of China, the UK and Sweden.

Technically, that's not the real thing, lawmakers on the Economic and Monetary Affairs Committee were told today — as those payments are all intermediated by private bank accounts.

If too successful, the digital euro project could give people a risk-free place to hold their money, policymakers worry— undermining the commercial deposits that enable banks to lend to the economy.

"Do you think it makes sense for the consumer to have a digital euro at all," if they have to have to set up multiple accounts to avoid breaching holding limits, socialist party lawmaker Joachim Schuster asked.

"I want to create a situation where the European Parliament makes it obvious that we want a digital euro," Berger told Euronews after the hearing — though acknowledged that the critical arguments expressed by his colleagues "need to be discussed."

Berger wouldn't be drawn on exact timelines, but said he could produce a report early next year, after dealing with higher-priority laws to safeguard the role of cash.

The original article contains 648 words, the summary contains 195 words. Saved 70%. I'm a bot and I'm open source!