Today, a big part of the Single Euro Payments Area has become reality. In all euro countries citizens have now available a common and simple way to pay at home and across borders.
"This review is aimed at further enhancing the ability of the ESAs to improve the functioning of the single market for financial services and thus identifies scope for action in the short and medium term", said Commissioner Barnier
The Single Euro Payments Area (SEPA) creates a true European Single Market for retail payments in euro where transfers, direct debits and payments between Member States are as easy and fast as the equivalent domestic transactions. It will become fully operational in all eurozone countries on 1st August 2014.
Today, the Regulation establishing a Single Resolution Mechanism (SRM) for the Banking Union has been published in the Official Journal of the EU, only one year after the European Commission presented its proposal. The Single Resolution Mechanism will allow for the timely and effective resolution of cross border and domestic banks, over a weekend if necessary. The Regulation will enter into force on 19 August.
The Directive will foster the creation of a real single market for retail financial services bringing numerous benefits to EU citizens by providing them with a right to a basic payment account irrespective of their place of residence or financial situation.
The summary report published today provides a qualitative overview of the input received from a wide range of stakeholders, including consumers, rights holders, business and institutional users of copyright works, collective rights management organisations and governments.
“We need new instruments that are better suited for long-term financing and especially for infrastructure projects”. Vice-President Barnier explains what the EU has done in this respect. Article by Michel Barnier, Börsen-Zeitung.