EPC Blog: Late Movers – Learn to Love SEPA. There are Ten Months Left ...

EPC Blog: Late Movers – Learn to Love SEPA. There are Ten Months Left to Meet the 1 February 2014 Migration Deadline Mandated by European Union Law.

24 October 13

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In this blog (see 'related links' below), Javier Santamaría, Chairman of the European Payments Council (), reiterates that European Union (EU) law effectively mandates migration to the Single Euro Payments Area () by 1 February 2014 in the euro area.  Santamaría recalls that the EU legislator; i.e. the European Parliament and the Council of the EU representing EU Member States, agreed the 1 February 2014 deadline already in December 2011. With regards to speculations entertained by some commentators that this deadline might be postponed, Santamaría clarifies: "The only party empowered to change the 1 February 2014 deadline is the EU legislator; i.e. the European Parliament and the Council of the EU representing EU Member States. The EU legislator has never indicated that it would consider such a motion. Consequently, there is only Plan A: get ready for in the euro area within the next ten months."



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