Strasbourg, 09/03/2010 (Agence Europe) - In reply to an oral question from the economic and monetary affairs committee at the European Parliament on Monday 8 March, the commissioner for the internal market, Michel Barnier, explained “the cut-off date could provide a necessary dynamic” for completing the Single Payment Area in Euro (SEPA). He also said that it would provide “greater legal clarity and put an end to the coexistence of two payment systems, national and European, which is a source of unnecessary costs”. In the spring, his services will finalise the analysis of the different opinions on the table. He refused to set a precise date and said that it was necessary to “leave operators a period of adjustment”: Twelve months for transfers and 24 months minimum for deductions. Sharon Bowles (ALDE, United Kingdom) said that the best possible deadline for completing the SEPA project would be,“31 December 2012”. Jean-Paul Gauzès (EPP, France) explained the delay in completing SEPA in terms of the cost of its implementation. He explained that in France, this cost was more than the transition to the euro had been.
MIF. The regulation on cross-border payments introduces a multilateral interchange commission (MIF) of €8.8 centimes to finance the introduction of payment services in compliance with the SEPA project (EUROPE 9891). Barnier noted that so far, “more than 70% of deductions in Europe are now done without any multilateral inter-exchange commission on any transaction”. The commissioner explained that the MIF was not the only finance mechanism available or even the most efficient.
The commissioner also indicated that he supported the launch of a European initiative in the credit card arena, with a series of ongoing private initiatives and (Monnet, Pay Fair, EAPS). He pointed out that there was also a joint initiative between the European Commission and the European Central Bank (ECB) for implementing a “pan-European governance structure” for the SEPA project. This brings together the payment industry, as well as users and the SEPA Council, which aims to facilitate dialogue between the different stakeholders. It will meet for the first time in spring. Finally, Barnier indicated that the Commission and the ECB would very soon be writing to the European Payments Council to request that it provides a better response to consumer demands. In a press release, Monique Goyens, the head of the European Consumers' Organisation declared: “Nothing requires banks to check the reliability of the issuer of the direct debit payment, neither the validity of the mandate, meaning a fraudster in as far away as Finland or Romania could, with my bank details and my name and address, instruct my bank to take money from my account without my consent”. (M.B./transl.fl)