A possible legal framework for the single payment in the internal market

Description

This Commission working document sets out a possible framework for codifying existing EC payments legislation and creating a legal framework for retail payments in the internal market by removing the legal and technical barriers to the development of a single payments area.

The UK welcomes the Commission's intention to develop a coherent framework with clear and justified objectives. The UK sees an efficient cross-border payment infrastructure in the EU as an important part of developing an efficient single market. However, we remain concerned over any possible interference in the market when it is not warranted on market failure grounds.

External Links

The Commission payments framework proposal, published 2 December 2003