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17 February 2004

EMAC draft report on Single Payments

The Economic and Monetary Affairs Committee issued its draft report on a legal framework for a single payment area. Rapporteur Alexander Radwan pointed out that over regulation must be avoided. However, national supervisory rules should be adjusted.

The rapporteur also criticized that the banking sector has not always been sufficiently successful when implementing standards under the principle of self-regulation. “If payment service providers are not in a position to make the necessary moves towards a single payments area, thought must be given to legislating at European level and/or greater and more tangible involvement of the Eurosystem in order to resolve the problems”, Mr Radwan stated in his draft report.

Mr Radwan also questioned the Commission’s intention to restrict customers' personal contribution to EUR 150 even when they have not complied with their requirements to give notification as this may result in rising costs for bank customers.

Responding to the report the Commission justified this threshold as it relates to former recommendations and is also incorporated in several national legislations, e.g. Belgium.

Although the report was highly welcomed by most Parliamentarians, Mr Herzog pointed out that clarification is needed on the question if this should apply to the EU or the Eurozone only. With regard to the recent experiences, he also regarded the issue of selfregulation as ‘problematic’, and also supports a greater involvement of consumer protection issues.

Deadline of amendments: 26 February
Vote in Committee: 16 March

Draft report

© European Parliament

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