Texas International Law Journal 54:2 2019
In its proposal for a Directive on payment services in the internal market (hereafter: the Proposal), the Commission of the European Communities (“the Commission”) purported to provide for “a harmonised legal framework” designed to create “a Single Payment Market where improved economies of scale and competition would help to reduce cost of the payment system.” Being “complemented by industry’s initiative for a Single Euro Payment Area (SEPA) aimed at integrating national payment infrastructures and payment products for the euro-zone,” the Proposal was designed to “establish a common framework for the Community payments market creating the conditions for integration and rationalisation of national payment systems.” Focusing on electronic payments, and designed to “leave maximum room for self-regulation of industry,” the Proposal purported to “only harmonise what is necessary to overcome legal barriers to a Single Market, avoiding regulating issues which would go beyond this matter.” Stated otherwise, the measure was designed to fall short of providing for a comprehensive payment law.
Geva, Benjamin, "Payment Transactions under the E.U. Second Payment Services Directive – An Outsider’s View" (2019). Articles & Book Chapters. 2718.