Press Release: Single Payments Area: pay anywhere in the EU as you would do at home

The European Commission on 1 December 2005 presented proposals that would bring down existing legal barriers to enable the creation of a 'Single Payments Area' in the EU. The aim of the proposed Directive, known as the 'New Legal Framework', was to guarantee fair and open access to payments markets and to increase and standardise consumer protection. The Directive was to apply to all Member States and all EU currencies, while providing the necessary legal platform for the Single Euro Payments Area (SEPA) proposed by the European Payments Council. The aim was to make the Single Payments Area a reality by 2010 at the latest.

European Commission: DG Internal Market and Services: Free movement of services: Financial Services: Payment services: New legal framework http://ec.europa.eu/comm/internal_market/payments/framework/index_en.htm

European Commission: Memo: MEMO/05/461, Frequently Asked Questions (FAQs) on the Single Payments Area: Commission proposal for a 'New Legal Framework', 1.12.05 http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/05/461&format=HTML&aged=0&language=EN&guiLanguage=en

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