Free Movement of Capital
See also: Payment Services Directive and Single Euro Payments AreaFree movement of capital is intended to permit movement of investments such as property purchases and buying of shares between countries. Until the drive towards Economic and Monetary Union the development of the capital provisions had been slow. Post-Maastricht there has been a rapidly developing corpus of ECJ judgements regarding this initially neglected freedom. The free movement of capital is unique in that it is a goal of the EU to pursue a liberal capital regime with third countries.
Capital within the EU may be transferred in any amount from one country to another. All intra-EU transfers in euro are considered as domestic payments and bear the corresponding domestic transfer costs. This includes all member States of the EU, even those outside the eurozone providing the transactions are carried out in euro. Credit/debit card charging and ATM withdrawals within the Eurozone are also charged as domestic, however paper-based payment orders, like cheques, have not been standardised so these are still domestic-based. The ECB has also set up a clearing system, TARGET, for large euro transactions.
Read more about this topic: Internal Market
Famous quotes containing the words free, movement and/or capital:
“The only free road, the Underground Railroad, is owned and managed by the Vigilant Committee. They have tunneled under the whole breadth of the land.”
—Henry David Thoreau (1817–1862)
“The preservation of life seems to be rather a slogan than a genuine goal of the anti-abortion forces; what they want is control. Control over behavior: power over women. Women in the anti-choice movement want to share in male power over women, and do so by denying their own womanhood, their own rights and responsibilities.”
—Ursula K. Le Guin (b. 1929)
“The basis of world peace is the teaching which runs through almost all the great religions of the world. “Love thy neighbor as thyself.” Christ, some of the other great Jewish teachers, Buddha, all preached it. Their followers forgot it. What is the trouble between capital and labor, what is the trouble in many of our communities, but rather a universal forgetting that this teaching is one of our first obligations.”
—Eleanor Roosevelt (1884–1962)