EU integration is the future we want and we as a National Bank continuously invest in improving our capacities to comply with EU central banking standards. Focusing on payment systems only, major steps were taken toward harmonization of the Macedonian legislation with the EU regulation. The new Law on Payment Services and Systems and related bylaws which are under procedure will implement PSD and part of the provisions from PSD2, Settlement Finality Directive and E-money II Directive. The NBRM took an important step toward harmonization with the EU regulation in the oversight area by adopting new oversight regulation which is in line with the Principles for Financial Market Infrastructures, as well as the ECB’s revised oversight framework. Further on, domestic payment statistics was adjusted in accordance with the ECB Regulation providing methodological and operational compliance with the payment statistics of the European System of Central Banks. Another major project was completed recently linking the domestic payment system with TARGET 2 via Banca d’Italia. This project is expected to contribute to reducing the gap between fees for cross-border payment transactions and domestic payments, which is in line with the EU Progress Report recommendations and the ECB’s Needs Analysis Report for the National Bank of the Republic of Macedonia from 2013. In the period ahead, we will continue to further strengthen capacities enabling the NBRM to successfully join the European System of Central Banks, and later the Eurosystem once the Republic of Macedonia achieves its strategic commitment for EU membership.
These costs would have had to be included in order to provide a complete overview of society’s total costs related to the payment system. Users’ participation in the production of payment services does not necessarily have a positive impact on society’s overall efficiency in the production of payment services. Increased use of e-invoicing will, however, increase the efficiency of electronic bill payment. The survey does not cover the payees’ costs related to invoicing. BIS Review 66/2002  5  8. Price developments 1993 - 2002 Paper-based services  Electronic services  2001 NOK  4 2001 NOK  40  3.5  35 Giro cash  30  3  Giro at the counter  25  Telephone giro  2.5  20  2  15  1.5  Cheque  10  EFTPOS  PC/Internet giro Direct debits  1 Mail giro  5  0.5  0  '02  20 00  98  96  94  '02  98  20 00  96  94  0  Both developments in the use of payment services and research show that prices affect customers' use of different payment services. Despite the price increase for most paper-based services, the weighted average price per transaction, at constant prices, has fallen since 1994. 9.