Parliament adopted report on Payments

21 April 2004

Parliament adopted an own-initiative report on a legal framework for a single payment area. Parliament adopted at last minute an amendment that calls the Commission, “when implementing the individual components of the legal framework, to choose in each case the legal instrument which involves the least regulatory intervention in order to realise the objective; takes the view that, wherever it appears practical and feasible, there should be self-regulation by market participants with ECB/ESCB coordination and involvement”.

The Commission is expected to come forward with a proposal on Payments within the next weeks. The consolidated report adopted in Parliament will be available soon.

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