Wu said that the European Parliament's Committee on Economic and Monetary Affairs (ECON) approved a position on establishing a digital euro, with 43 votes in favor, 14 votes against, and 1 abstention. The European Parliament stated that the digital euro will provide citizens and businesses with a private, secure payment method and reduce the EU's reliance on external payment service providers. Reuters reported that if the plenary session of the European Parliament does not raise objections, Members of Parliament will negotiate with the Council of the European Union and the European Commission, aiming to complete final approval by the end of the year.