The Commission extended the consultation period on the Communication concerning a ‘New Legal Framework for Payments in the Internal Market’ to 15 February 2004.
The consultation document invites comments on whether existing and new EU laws are necessary. It analyses what form such legislation might take, while emphasising that legislation should only be used where it genuinely adds value.
There have been several regulatory and commercial steps bringing Europe closer to becoming a single payments area, including the implementation of the EU Regulation on Cross-Border Payments in euro. However, the EU payment markets are still fragmented.
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