Brussels, 13/07/2001 (Agence Europe) - Dutch MEP Karla Peijs (EPP) welcomed the draft regulation intended to reduce financial transfer costs between Member States announced by the Commission (see yesterday's EUROPE, p.8). Ms. Peijs, Parliament's rapporteur, nevertheless urges the Commission to act without delay so that banking institutions and payment bodies quickly set up a safe, inexpensive an rapid cross-border payment system. According to a "STOA" survey, published at the request of the EP, co-ordinated action by the Commission and ECB would be decisive in setting up such a system.
Speaking before the EP's Economic Committee, the Commission's Director General for the Internal Market, John Mogg, set out the contents of the draft regulation expected for 25 July, which will impose tariffs being the same for both national and trans-national transactions, from 1 January 2002 and for all Member States, including those not part of the euro zone. It will apply to all cross-border payments in euro of less than 50,000 euro undertaken other than in cash (bank card, withdrawal for cash points, cheques, etc.), but a technical delay will be granted until January 2003 for credit and cheque transfers.
Not very convinced, the European Group of Savings Banks has already announced a press conference to denounce how, in its opinion, the draft regulation, "will lead to a deterioration in the quality of services and price transparency".