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European Central Bank Proposes Credit Card Payment Framework for all of EU
May 3, 2007
In a bid for better oversight, the European Central Bank said it’s proposing a new cross-border framework to oversee all payment card systems using the Euro in the 13-nation currency zone.
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The move stems from concerns over card payment fraud, and ECB hopes to "promote a level playing field across the Euro area", by developing an oversight framework for schemes that process Euro payments.
The bank will consult on the proposal until August 2.
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