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Article: Banking Services: Towards A Single Payment Area - The Single Currency Is Fast Moving Europe Towards A Single Payment Area. Jan F Wagner Reports From Brussels.
- Article from:
- The Banker
- Article date:
- May 1, 2003
CopyrightCOPYRIGHT 2003 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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While the euro, to the disappointment of European Union (EU) leaders past and present, has done little to promote political union, those leaders can take comfort in the fact that the single European currency continues to do wonders for economic union. The EU is moving fast toward a single market, with recent efforts among EU banks being a prime example of this.
Having previously opposed the idea, EU banks are now scrambling to set up a "single payment area" for the EU. Under the scheme, all cross-border transactions within the zone are treated as domestic transactions. Since the UK, Sweden and Denmark are EU members, even if they do not yet participate in the ...