On August 31, the European Central Bank (“ECB“) has published an opinion on the European Commission’s legislative proposal for a Regulation amending the Regulation on cross-border payments.

The ECB outlined the proposed Regulation, which is to provide all citizens and companies in the EU transferring euros cross-border (whether between euro area and non-euro area member states or between non-euro area member states) with the low levels of fees that are currently available in respect of domestic payments made in the official currency of a member state. This is intended to improve transparency and consumer protection, enhance the internal market for payment services in euros and reinforce the euro as the currency of choice for intra-EU payments.

The ECB also outlined specific observations in relation to the scope of the provisions and provided additional definitions. The ECB has set out its specific drafting proposals in a technical working document that is appended to its opinion.