EPC Blog: Fact check - the rationale for SEPA as defined by the EU gov...

EPC Blog: Fact check - the rationale for SEPA as defined by the EU governments, the European Parliament, the European Commission and the European Central Bank. (Note: the European Payments Council is not part of the EU institutional framework.)

21 January 14

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To appreciate the views of the European and national public authorities on the Single Euro Payments Area () it must be recalled that is a European Union (EU) payment integration initiative pursued by the EU governments and the EU institutions, i.e. the European Commission, the European Parliament, the Council of the EU representing EU Member States and the European Central Bank (ECB), since the late 1990s. This blog (see ‘related links’ below) cites the rationale for as defined by the EU governments and EU institutions driving the programme.

Javier Santamaría, Chairman of the European Payments Council () clarifies (again): compliance requirements, including mandatory migration deadlines, relevant to that must be met by payment service users and payment service providers in the EU are determined by the EU legislator, i.e. the European Parliament and the Council of the EU representing EU Member States (not by the ). With regard to the 1 February 2014 migration deadline applicable in the euro area mandated by EU law, the EU authorities have warned time and again that all market participants must ensure compliance or else risk that payments could be disrupted.



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