17/01/2014 (Agence Europe) - EP wants speedy progress on SEPA. On Thursday 16 January, the European Parliament's economic and monetary affairs committee decided not to make any amendments to the European Commission's draft legislation to extend until August 2014 the transition period during which the old bank transfer and direct debits will be accepted in the eurozone alongside the new SEPA ones (Single Euro Payment Area), but says it would have preferred it if the Commission had given it earlier warning of delays in adjusting to the new system. The draft legislation will be adopted by the plenary in February. The member states that are not in the euro have until 31 October 2016 to adjust to the SEPA system. (MB/transl.fl)