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Towards economic and monetary union: changing trends in payment systems for new European members

Author

Listed:
  • Callado Muñoz, Francisco José

    (Departament d'Economia (Department of Economics) Facultat de Ciències Econòmiques i Empresarials (Faculty of Economics and Management) Universitat de Girona)

  • Utrero González, Natalia

    (Departament d'Economia (Department of Economics) Facultat de Ciències Econòmiques i Empresarials (Faculty of Economics and Management) Universitat de Girona)

Abstract

This paper makes a study of payment systems in the countries of the enlargement of the European Union for the period 1996-2003 and its comparison with the members of the European and Monetary Union. The general tendency is of a movement from cash to alternative instruments of payment. However, electronic means are not used very much and the importance of cash payments continues to be very high. The comparison with the EU15 presents significant differences that will mean an important effort for the new members in reforming and adapting their systems to the actual uses and future payment developments of the EU15. This process will be crucial both for their euro integration and the design and implementation of the single monetary policy.

Suggested Citation

  • Callado Muñoz, Francisco José & Utrero González, Natalia, 2007. "Towards economic and monetary union: changing trends in payment systems for new European members," Journal of Financial Transformation, Capco Institute, vol. 20, pages 168-174.
    • Handle: RePEc:ris:jofitr:0927
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    Citations

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    Cited by:

    1. Francisco Callado-Muñoz & Jana Hromcová & Natalia Utrero-González, 2014. "Openness and Technology Diffusion in Payment Systems: The Case of NAFTA," Computational Economics, Springer;Society for Computational Economics, vol. 43(4), pages 497-519, April.
    2. Francisco J. Callado-Muñoz & Jana Hromcová & Natalia Utrero-González, 2012. "Transformation of payment systems: the case of European Union enlargement," Applied Economics Letters, Taylor & Francis Journals, vol. 19(18), pages 1787-1791, December.
    3. Francisco J. Callado-Muñoz & Jana Hromcová & Natalia Utrero-González, 2014. "Effects of Institutional Environment and Technology Development on Payment Choice," Working Papers wpdea1403, Department of Applied Economics at Universitat Autonoma of Barcelona.
    4. Francisco José Callado Muñoz & Jana Hromcová & Natalia Utrero González, 2010. "Direct pricing of retail payment methods: Norway vs. US," Working Papers. Serie AD 2010-20, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).

    More about this item

    Keywords

    Payment Systems; European Union; Monetary Union; Enlargement.;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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