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EU cross-border payments
An evolving concept
Despite the EU’s efforts, the concept of domestic versus cross-border payments is still present in the European Union.
Since the introduction of the euro, a major ambition of the European institutions has been to eradicate the concept of “cross-border payments” within the European Union. While this has been done in the Eurozone thanks to the introduction of the euro as a single currency, the development of a fully integrated payment market remains a challenge in the countries that have not adopted the single currency. Indeed, today, nine countries of the European Union still have their own currencies and domestic payment systems. The resulting market fragmentation leads to higher costs for consumers and for banks. This article discusses the impact this has on the European Union payment market. Out of the nine, Sweden is an exceptional case, as it has adopted the regulation while keeping its own currency. Is Sweden an early example of what the European Commission is hoping to achieve as it acts to eliminate the concept of cross-border payments in a unified market?
Inside Magazine issue 18, June 2018
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