Central Banking

EU calls for single payment area by 2010

Charlie McCreevy, the European Commissioner for the Internal Market and Services said on Tuesday 20 September that banks must create a single pan-EU system for payments by 2010, a demand the European Commission will underpin by legislation.

"The technology exists to change the situation. The political will is there. The business case is there. Huge savings can be made. Now it's up to the banks to play their role," McCreevy said in a speech at a financial meeting in Paris. The Commission will

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