Brussels, 19/11/2008 (Agence Europe) - “The Commission with the European Central Bank (ECB) have been reflecting on how best to breathe some new life into the Single Euro payments Area (SEPA),” said Internal Market Commissioner Charlie McCreevy on Monday 17 November at the Euro Finance Week in Frankfort. This action plan could, he said, cover five main issues: SEPA communication and marketing, adoption of SEPA products by public authorities, legal and compliance issues, governance arrangements and technical issues, such as standards. “The objective would be to establish a joint document with a timetable of concrete actions,” he added.
At the Ecofin Council in December, the Commission will present a report on progress made on implementing the SEPA project. It will discuss the controversial issue of the cross-border direct debit system, which, the Commissioner said, still faces “two major challenges”: the need to ensure the continued legal validity of existing direct debit mandates under SEPA migration, and the development of an acceptable business model (see EUROPE 9733). The usefulness of setting a deadline for the end of the SEPA project is also expected to be discussed. (M.B./transl.rt)