COMMISSION OF THE EUROPEAN COMMUNITIES
Brussels, 2.12.2003
COM(2003) 718 final
COMMUNICATION FROM THE COMMISSION TO THE COUNCIL AND THE EUROPEAN PARLIAMENT
concerning a
New Legal Framework for Payments in the Internal
Market
(Consultative Document)
Executive Summary Regulation 2560/2001/EC on cross-border payments in euro has contributed to
a considerable reduction in the price for cross-border payments in the Internal
Market and has provided an incentive for the payment industry to modernise their
EU-wide payment infrastructures. This has been an important step in the process
of achieving a Single Payment Area for noncash payments in the Internal Market,
which does not exist despite of the introduction of the euro. However, further
progress needs to be made, as technical and legal barriers still prevent EU
citizens, companies and payment services providers from reaping the full
benefits of a truly integrated area for non-cash payments. The Internal Market
for goods and services cannot function properly without cheap, efficient and
secure payment services.
The existing legal framework for payments is to a large extent based on national
rules which leads to a fragmentation in the Internal Market. This is detrimental
to the deployment of Euwide infrastructures by payment service providers.
Community legislation on payments services, mostly applicable to cross-border
payments, also needs to be reviewed and consolidated. The removal of the
technical and legal barriers should ensure efficient payment services,
competition on equal terms, adequate protection of payment service users,
security of payments, and should guarantee legal certainty for all parties
concerned in the payment process.
The Communication's aim is to consult all interested parties on the general
objectives and principles that should govern the modernisation and
simplification of the regulatory framework applying to retail payment services
in the Internal Market. This consultation should lead to the Commission
presenting appropriate proposals for a New Legal Framework for Payments. The
Communication is accompanied by 21 Annexes raising various specific legal and
technical issues concerning the efficient functioning of the Single Payment
Area. Comments on the issues raised in this Communication are welcome before 31
January 2004 and may be sent to: European Commission, Directorate General
Internal Market, C107 01/04, B – 1049 Brussels. E-mail address: e-mail:
markt-f4@cec.eu.int.
