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Limits for Cash Payments

Position paper on limits in cash payments

The European Federation of Jewellery (EFJ) presented a new position paper on limits in cash payments to feed into the debate around the EU initiative on restrictions on payments in cash launched by the European Commission in 2017.

The EFJ position paper highlights several issues related to the lack of harmonisation of cash payment limits at EU level. The most notable concern for the sector is the different maximum thresholds for cash payments in business-to-consumer transactions. Moreover, cash restriction limits often differ also within the Member States creating unjustified discriminations between residents and non-residents. These differences lead to a lack of equal level playing field and generate unfair competition between EU Member States, which goes against the EU Internal Market principles.

The EFJ paper also underlines that cash remains the preferred form of payments in the Euro area because it protects the users’ privacy and personal data, it is universally accepted, costless and flexible. Moreover, cash allows the immediate closure of payments while electronic transactions might be cancelled and are more exposed to external constraints such as technical problems or hacking.

With this position paper, the EFJ urges the European Commission to put forward an EU initiative aimed at harmonising the limits for cash payments by proposing a proportionate threshold which takes into consideration the different necessities and sensibilities of EU citizens.

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EFJ position paper – Limits in cash payments

EFJ note de position – Limites de paiements en espèces 

 

News

Busy and fruitful meeting day in Brussels for the EFJ

On the 21st of April, a delegation of the European Federation of Jewellery (EFJ), headed by its President, Bernadette Pinet Cuoq, had a series of successful meetings with several representatives of the European Commission. The objectives were to raise awareness about the sector and its main challenges as well as to exchange on several key issues: COSME, the European support programme for SMEs, the EU policies in favour of creative industries, conflict minerals, market access and opening of third countries’ markets and cash payment limits.

Regarding the implementation of the newly adopted EU conflict minerals regulation, the EFJ reiterated its commitment to work with the European Commission, the OECD and the other stakeholders to enhance the due diligence responsibilities of its members.

An ambitious and proactive approach was also defended during the high level meeting with the Cabinet of Pierre Moscovici, Commissioner for Economic and Financial Affairs. The EFJ advocated the adoption of a European harmonisation of cash payment thresholds in order, notably, to achieve a level playing field between the economic actors on the European territory.

The representatives of the European Commission welcomed warmly the EFJ and were happy to get information on this high value sector. This first day of fruitful meetings set the foundation for a deeper involvement of the Federation in the European scene.

Made In

Position Paper on the “Made In” concept in the proposal for a Regulation on Consumer Product Safety

made-inThere is today no obligation at EU level regarding the marking of non-food products imported in the EU (apart from the origin indication on custom declaration information). The CE marking only signals that all essential requirements have been fulfilled when the product was manufactured. The CE marking is not a mark of origin, as it does not indicate that the product was manufactured in the European Union. Consequently, a product affixed with the CE marking may have been produced anywhere in the world.

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