The Commission issued a consultation document in advance of the Preparation of a Report on Cross-border Payments in Euro reviewing the regulation that entered into force on 28 December 2001. This report will examine whether the objectives of the regulation can be considered as achieved. It should also be considered if any amendments should be adopted, such as whether the amount provided for in Article 6(1) should be increased to EUR 50 000.
Several direct and indirect impacts of the regulation have been identified:
First, possible direct impact impacts could be the equalisation in the price for cross-border and national payments; increased customer awareness of charges; and a removal of several national reporting obligations. Moreover, it should be examined whether the Regulation has had consequences for establishment of new payments infrastructures.
Second, possible indirect consequences could be changes on the charges for payments within a Member State; a reduction in the costs for cross-border payments; an increase in the number of cross-border payments; an improvement in the overall functioning of the Internal Market. It should also assess the impact on the level of competition in the provision of crossborder payment services.
The input received, together with information already collected will then feed into a draft Evaluation Report on which a subsequent open consultation will take place in the first half of 2006.
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