|
Publishers Abstract:
When addressing the current position with regard to payments within the EU framework one should not lose sight of the basics of what payment is about. Indeed it should be stressed that while the organisation of present day payment is heavily influenced by technical developments, it is and remains foremost a legal notion with crucial economic implications. This applies both to situations of normal functioning of payment systems and to those where things go wrong. Indeed, where things do go wrong, with insolvency as the ultimate scare, costs to those involved may be very serious indeed. With regards to payments, as elsewhere in the economy, the distinction between wholesale and retail exists. The distinction may appear a bit murky in that ultimately also 'retail' payments other than in cash result in banks dealing with each other, in some form or other. 'Migration' of retail payment systems towards one single integrated system catering for both cross-border and domestic payments can only be envisaged realistically as from the moment that the 'New Legal Framework' is firmly in place.
|
