Brussels, 30/11/2009 (Agence Europe) - EU27 finance ministers are to entrust the European Commission with carrying out a thorough assessment of whether legislation is needed to set binding end-dates for the generalisation of European credit transfers and direct debit meeting the norms of the Single European Payment Area (SEPA). In conclusions to be adopted on Wednesday 2 December, they will call on the European institution, working with the European Central Bank and interested parties, to submit a “legislative proposal should this assessment confirm the need for binding end dates”. In their view, the process leading to the fixing of end dates will make it possible to reduce the period - which is costly for industry - during which traditional national products and SEPA products circulate in parallel. It should also differentiate according to SEPA products and take the specific features of member states into account, such as whether or not they belong to the eurozone. European credit transfers and direct debit payments labelled “SEPA” were introduced in January 2008 and early November 2009 respectively (EUROPE 9590 and 10011). Furthermore, underlining the need to improve governance of the SEPA project, ministers will encourage the Commission and the ECB to “establish as soon as possible and before mid-2010, a SEPA governance and monitoring structure at EU level”. They finally call upon industry to complete its work in relation to the outstanding technical standards required in the SEPA cards market by mid-2010. (M.B./transl.jl)