By Ruth Wandhöfer
An inside view of the forces which formed SEPA and the PSD written from the original point of view of somebody heavily concerned in the course of the strategy. It uncovers the strategic, criminal and useful implications of the total harmonization schedule and offers an evaluation of the place those projects stand this present day, together with key classes discovered.
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Additional info for EU Payments Integration: The Tale of SEPA, PSD and Other Milestones Along the Road
EU Directives, and occasionally EU Regulations, are normally classified into one of these two categories. To achieve a fully integrated Single Market in Europe, Maximum Harmonisation is the key mantra that should be followed. Under Maximum Harmonisation, Member States are explicitly prohibited from producing further add-ons to (typically) a Directive. This, in essence, is a protection mechanism against the ‘gold-plating’ phenomenon. The effects of this approach can in practice go as far as requiring either changing or abolishing certain existing national laws.
As already mentioned the Treaties – so-called primary legislation – constitute the basis of the EU itself. The main treaties of the EU are the Treaty of Rome (1957), the Merger Treaty (1965), the Single European Act (1986), the Maastricht Treaty (1992), the Amsterdam Treaty (1997), the Nice Treaty (2001) and finally the Lisbon Treaty (2007, in force since 1st of December 2009). The Treaty of Lisbon has at last given a consolidated legal personality to the EU. Secondary legislation (for example, Directives, Regulations, and Recommendations) covers everything that we see issued by the EU in terms of legislative output.
Equally unsurprising the EC took such questions and related complaints by Member States and the vast stakeholder community seriously and in response issued … another policy. 6 What started with an EC report in 2001 developed into an action plan for simplifying the regulatory environment in 2002. By January 2009 we had already arrived at the third strategic review of Better Regulation in the EU. To cut short a long story – one underpinned by many documents since this train of thought left the station – this policy is a laudable attempt to cut through the forest of procedures and papers with the intent of arriving at a more straightforward and understandable law making process for Europe.
EU Payments Integration: The Tale of SEPA, PSD and Other Milestones Along the Road by Ruth Wandhöfer