The 20GB version will cost 500 Euros (£345). Both consoles are due to be available at launch, in March, although an exact date has yet to be confirmed.
If you're reading these figures and wondering how much of a bashing your credit card will be able to take, take a moment to consider our Irish cousins. The 60GB PS3 will cost 630 Euros (£435), in Ireland, and the 20GB version will be 530 Euros ( £365) - and won't be available at launch.
Shortly before the PS3 launched in Japan in November last year, Sony announced a price drop; we're hoping we'll see the same here.