Press conference by Michel Barnier, Member of the EC, on the roadmap for SEPA migration end-dates
Michel Barnier, Member of the EC in charge of Internal Market and Services, gave a press conference on the Single Euro Payments Area (SEPA). The EC proposed to set EU-wide end-dates for the migration of the old national credit transfers and direct debits to the recently created Single Euro Payments Area (SEPA) instruments. This means that national credit transfers and direct debits are phased out and the recently created pan-European systems take their place, respectively 12 and 24 months after the entry into force of the Regulation. This will reduce the costs of payments, increase competition and make cross-border payments as easy as domestic ones. The EC's proposal passes to the EP and the Member States for consideration.