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COMMISSION
OF THE EUROPEAN COMMUNITIES COMMUNICATION FROM THE COMMISSION TO THE COUNCIL AND THE EUROPEAN PARLIAMENTconcerning a New Legal Framework for Payments in the Internal Market(Consultative Document)Executive Summary Regulation 2560/2001/EC on cross-border payments in euro has contributed to a considerable reduction in the price for cross-border payments in the Internal Market and has provided an incentive for the payment industry to modernise their EU-wide payment infrastructures. This has been an important step in the process of achieving a Single Payment Area for noncash payments in the Internal Market, which does not exist despite of the introduction of the euro. However, further progress needs to be made, as technical and legal barriers still prevent EU citizens, companies and payment services providers from reaping the full benefits of a truly integrated area for non-cash payments. The Internal Market for goods and services cannot function properly without cheap, efficient and secure payment services. The existing legal framework for payments is to a large extent based on national rules which leads to a fragmentation in the Internal Market. This is detrimental to the deployment of Euwide infrastructures by payment service providers. Community legislation on payments services, mostly applicable to cross-border payments, also needs to be reviewed and consolidated. The removal of the technical and legal barriers should ensure efficient payment services, competition on equal terms, adequate protection of payment service users, security of payments, and should guarantee legal certainty for all parties concerned in the payment process. The Communication's aim is to consult all interested parties on the general objectives and principles that should govern the modernisation and simplification of the regulatory framework applying to retail payment services in the Internal Market. This consultation should lead to the Commission presenting appropriate proposals for a New Legal Framework for Payments. The Communication is accompanied by 21 Annexes raising various specific legal and technical issues concerning the efficient functioning of the Single Payment Area. Comments on the issues raised in this Communication are welcome before 31 January 2004 and may be sent to: European Commission, Directorate General Internal Market, C107 01/04, B – 1049 Brussels. E-mail address: e-mail: markt-f4@cec.eu.int. Download full document (Word) |
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