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Single European Payments Area A U.S. Perspective

Single European Payments Area A U.S. Perspective. Economics of Payments Systems Conference Paris, October 25-26, 2007 Morten Linnemann Bech Federal Reserve Bank of New York.

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Single European Payments Area A U.S. Perspective

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  1. Single European Payments AreaA U.S. Perspective Economics of Payments Systems ConferenceParis, October 25-26, 2007Morten Linnemann BechFederal Reserve Bank of New York The views expressed in this presentation do not necessarilyreflect those of the Federal Reserve Bank of New York or the Federal Reserve System

  2. The U.S. Perspective on SEPA ?

  3. Europe Currency union and payments union Little awareness of Check21 Reachability Market driven Vision public authorities Implementation: Banks ECB Catalyst United States Creation of the Federal Reserve Little awareness of SEPA Electronification Market driven End point: Market thru experimentation and innovation Implementation private sector and Federal Reserve Monetary Control Act Retail Payments in flux

  4. SWOT Analysis of SEPA Internal External

  5. Back of the Envelope Welfare Analysis • Savings €20bn per year (EU Commission) • Implementation Cost €10bn (Schmiedel ’07) • Assume • Cost incurred upfront • 10 years to implement – savings in perpetuity • Discount rate of 6% • Social NPV = €190bn = 2% of EU GDP • Discount rate = 25% for social NPV =0

  6. ACH Transfers in the U.S.

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