The Twenty-seven have adopted this Monday their position so that payment service providers, such as banks, which offer standard credit transfers in euros, also offer the service of sending and receiving instant payments and that, in case there are applicable charges, these are not higher than those that apply for standard credit transfers.

In addition, the new rules will improve the strategic autonomy of the European economic and financial sector, as they will help to reduce any excessive dependence on financial institutions and infrastructures from third countries.

In its position, the Council specifies that the implementation of the new rules will occur faster in member states that are inside the euro area, while for payment service providers located in countries outside the euro area there will be a lead time. gradual implementation.

In the first phase, they will be required to make instant payments only during business hours and, in a second step, the same rules as for payment service providers in the euro area will apply.

On the other hand, sending instant payments in euros from accounts in other currencies will only be mandatory during business hours for those payment service providers that also make standard transfers in euros.

Furthermore, the Council has included a review clause with the requirement that the Commission present a report containing an assessment of the evolution of charges for national and cross-border credit transfers and instant credit transfers, both in euros and in other national currencies. of the member states.

Now that the Council has settled its position on the proposal, it is ready to start negotiations with the European Parliament to agree on a final version of the text.

Source: dpa

(Reference image source: Stock Birken, Unsplash)

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“After a weekend full of negotiations, I can announce that we have convened the extraordinary meeting of the Energy Council. We will meet in Brussels on September 9,” said the Czech Industry Minister, Jozef Sikela, the country that holds the six-month presidency from the EU.

Sikela has indicated that Europe “must fix the energy market. An EU-level solution is by far the best we can do,” he defended in a message on social media.

Czech Prime Minister Petr Fiala announced last week an urgent meeting of energy ministers to discuss measures to deal with the energy market situation and energy saving plans to ensure the bloc’s energy security.

This meeting will come after this Monday, the president of the European Commission, Ursula von der Leyen, confirmed that Brussels is working on an “emergency intervention and structural reform of the electricity market”, after noting that it was designed “for other circumstances” and that is behind the exorbitant prices paid on the continent.

“The era of Russian fossil fuels in Europe is over and freeing ourselves from blackmail will bring us more power to defend the global order,” the German conservative proclaimed at a forum in Slovenia.

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Source: dpa

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