ECOFIN Council results

10 October 2006

The Council held an exchange of views on the Commission's intentions regarding initiatives aimed at improving the clearing and settlement of securities transactions in the EU. The chairman of the economic and financial committee (EFC), reported on EFC discussions on this issue. The Council may return to the issue at a forthcoming meeting, in the light of developments.

On the Single Euro Payments Area the Council adopted a conclusion supporting the aim to achieve an integrated market for payment services in euro. The Council also requested the Commission to continue work on ensuring a level playing-field as regards competition between market participants and will undertake to work, together with the European Parliament, towards early adoption of a directive on payment services.

The Council stresses the importance of ensuring a level-playing field as regards the application of competition principles to all market participants, including new entrants to the payment services market, and invites the Commission to continue without delay, its work on this subject;

Member States may carry out cost and benefit analysis, where necessary, to check that SEPA products are better or at least equivalent to existing products in terms of price and quality, including as regards the security of payments

Press release
Background note
SEPA conclusions
ECOFIN Council results

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