Adoption of new EU payment laws to be passed in next European Parliament
Thursday, 13 February 2014
The time has passed for European law makers to adopt the newly updated Payment Services Directive, as was announced by Jaume Duch Guillot, one of the Parliament’s chief spokespersons, in a public debate on directive that took place in Brussels last Wednesday.
Mr Guillot said that the directive, along with the related interchange fee regulation, is currently being discussed within the Parliament’s economic and monetary affairs committee, with discussions scheduled to conclude within the next Parliament.
We have just concluded the stage of tabling amendments to the report,” Mr Guillot explained, saying “this left too little time for adopting the laws before the Parliament's last plenary session in April.
“You will have to wait for the election in May and the establishment of new members before the proposal is discussed and voted on in plenary. The debate on the issue could then resume in conjunction with the Italian Presidency,” he added.
The aim of the proposed Payment Services Directive (PSD) is to create what is billed as a true European market for payments, lowering cost of using cards for both consumers and payment providers.
These proposal s date back to 2007, but were first published by the European Commission in July last year, at the same time as the draft regulation on multilateral interchange fees (MIFs), which is designed to better regulate fees on cross-border payments within the Eurozone.