Talking at the
SEPA Conference for Public Administrations in Brussels, Commissioner McCreevy laid out why a successful migration to
SEPA will bring huge potential benefits to the EU economy, and to individual players in the payments market.
He questioned for example the need of the 24 clearing houses existing in Europe, the different systems for domestic, cross-border, euro and non-euro payments, and the separate infrastructures for high and low value payments.
“Now we need a robust and realistic timeline for completion of the project”, he said. “The latest declaration of the EPC Plenary that they expect a critical mass of users by 2010 is a challenge.”
McCreevy called on the EPC to better involve the users of payment services in its deliberations and to establish a realistic timeline for migrating customers to SEPA products.
Full speech
© European Commission
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