EMAC vote on single Payment Area

16 March 2004

The Economic and Monetary Affairs Committee voted on the report on a legal framework for a single payment area of Mr Radwan. In a critical vote article 2 was deleted, which calls on the Commission to choose in each case the legal instrument which involves the least regulatory intervention, i.e. self regulation wherever it appears practical and feasible. However, Mr. Radwan already announced to correct this decision during the plenary vote.

Committee also deleted the Commission proposal to restrict customers' personal contribution to EUR 150 even when they have not complied with their requirements to give notification. Furthermore, the EMAC calls for the establishment of a single, European-wide telephone number in order to block payment cards quickly throughout the EU ('Card Stop Europe').

Consolidated report

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