The European Commission (EC) has put forward a proposal modifying the provisions and extending the scope of the 2001 Regulation on cross-border euro payments, under which cross-border bank transfers in euro within the EU cost the same as domestic transfers. The proposal aims at extending the principle of equality of charges to direct debit payments. It also contains some provisions enhancing the protection of consumer interests and rights and alleviating the statistical reporting burden. Internal Market and Services Commissioner Charlie McCreevy said: “It is essential in an integrated payment market to ensure that payment users see no practical difference between domestic and cross-border transactions. This new proposal is a natural complement to the progressive creation of a single euro payments area (SEPA), which should provide significant savings and benefits to European consumers and businesses.”
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