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Towards a single payment area

Towards a single payment area

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Tommaso Padoa-Schioppa, a member of the executive board of the European Central Bank, outlines the Eurosystem's response to EC proposals for enforcing a single payment area for low-value cross-border euro transfers.

In an address to an EU Commission payments conference, Padoa-Schioppa offers broad support for the European Commission's objectives, but questions the timing of the initiative and the EC's call for the expanded use of cross-border cheques.
He also discusses the "medium-term" prospects for the European Central Bank to undertake operational involvement in the processing of payments between banks.

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