Council must move quickly on Payment Services Directive

12.00.00am UTC (GMT +0000) Wed 15th Nov 2006

A cross-party delegation of MEPs from the Economic and Monetary Affairs Committee (ECON) today held a joint press conference on the Council of Minister's lack of progress in negotiating a common position on the Payment Services Directive (PSD).

Sharon Bowles, Liberal Democrat European Spokesperson on Financial Services and ALDE shadow rapporteur for PSD said "This Directive is central to the Single European Payments Area (SEPA) which for credit transfers, direct debits and debit and credit cards will take effect on 1st January 2008. The PSD will affect all payments made in all currencies within the European Union, but industry cannot even begin to make any proper preparations for the changeover until it knows what the rules will be.

The European Parliament has worked hard to keep to a quick timetable, voting through its report in Committee back in September, but the Council has continued to drag its feet. We have had a number of tripartite meetings but the Council seems too frightened to tackle any of the big issues. Progress has therefore been limited.

Today we underlined the Parliament's continued commitment to finding a deal in one reading and called on the Finnish Presidency to push ahead with their efforts and to seek similar guarantees from the Commission and the German Government when it takes over the Presidency in January."

Ends.