After 11 years of warnings from the European Commission, the regulation on cross borders payments will be adopted on 25/07/01 by the European Commission. The regulation will be automatically applied in all member States after the approval of the Parliament and the Council. Within this regulation the Commission wants the banks to adopt the measures necessary in order to equalise the cost of the cross border transfers to the domestic ones. As Frits Bolkestein, member of the European Commission in charge of the Internal Market, said the European consumer will not understand that while using the same currency; it is still necessary to pay different taxes for cross border payments than for domestic ones. The banks within the European Union will have 1 1/2 year to adapt their systems to the regulation.