03 December 2003

EP Working Document on cross-border payments

Responding to the Commission consultation on cross-border payments, Mr. Radwan, rapporteur of the EP’s Economic and Monetary Affairs Committee released a working document stating, that a regulation as a legal instrument might be needed assuming that self regulation does not proof efficient enough to guaranty a uniform application. As shown in the ECB report „Towards a Single Euro Payment Area“ dating back to June 2003, the implementation, e.g. on standards, was not always successful. However, it should be tried to make use of the principle of self regulation wherever possible.

With regard to annex 11 of the commission consultation - on the role of the payment service provider in the case of customer/merchant dispute in distance commerce – it is regarded as to be highly problematic to draw on the Payment Service Provider's responsibility.

Full document (German version only)

Working Document

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