Better Sepa than sorry

Editor's blog

It has been a tough week for the European Union’s Single Euro Payments Area (Sepa). The acceptance of ‘transitional’ cross-border direct debit fees by the European Commission and European Central Bank might spur the initiative’s implementation, but it also looks like an ignominious about face in Commission policy. Firstly, it contradicts Sepa’s aim of removing uncompetitive cross-border charges. Secondly, it seems even more of a U-turn in view of the Commission’s order to MasterCard to cut i