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ECB, EC Statement: Payments: SEPA Council meets for the first time; discusses migration end-date(s) and future of SEPA project for cards

( June 7, 2010, 19:00 GMT | Official Statement) -- MLex Summary: The newly inaugurated governing body for the Single Euro Payments Area held the first of its twice-a-year meetings, discussing possible deadlines for phasing out national-only payment systems and rules for card payments.On 7 June 2010 the recently created SEPA (Single Euro Payments Area) Council met for the first time, taking a major step forward in strengthening the governance of the SEPA project at European level. The meeting brought together top-level representatives from both the demand and supply sides of the European payments market, under the co-chairmanship of the European Commission and the European Central Bank (ECB), the two institutions that have led the creation of this new body. The main issues discussed were the need and conditions to establish (a) migration end-date(s) for SEPA and the future of a SEPA for payment cards....

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