Perspektiven des Zahlungsverkehrs in der Europäischen Währungsunion

Abstract

Perspectives of Payment Transactions in the European Monetary Union

With the realization of the European Monetary Union conventionary foreign payments in this economic area will disappear. Payment transactions in the European Community will have to be organized as “domestic payment transactions” fast, safe and moderately priced. With the integration of card payment systems and the introduction of the eurocheque system in the private sector the banking industry made enormous progress concerning frontier-crossing mass payment transactions. Parallely to frontier-crossing large payments, the problems for frontier-crossing mass payment transactions are not really due to the transmission from one member state to another but concern the standard of payment transactions in the country of destination. It is therefore necessary to give a new structure to large payment systems. System risks, especially those concerning the electronic sector of payment transactions, have to be detected and limited. From the central banks point of view operational aspects have to be coordinated with those concerning monetary policy and banking supervision. For the sake of the consumer it has to be found the optimum combination from those solutions that were discussed considering the necessary coordination of the central banks and the management of payment transactions following the principles of free market economy