Friday, December 09, 2005

New Legal Framework for Payment in the Internal Market

The Commission announced the adoption of its "Draft Directive of the European Parliament and of the Council on payment services in the internal market and amending Directives 97/7/EC, 2000/12/EC and 2002/65/EC". With this draft Directive the Commission presents a "New Legal Framework" for payments in the internal market.

Much will be said about this Directive, not least of all the very funny way of using the term authorisation (up until now the word for a bank action checking the transaction) for the consumer action of sending a payment to the bank.