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The Payment System in the European Union provides a comprehensive examination of the problems of legal risk in payments systems. Placing the law firmly in its economic context, it offers clear analysis at both macro-level, such as controlling systemic risk, and at a micro-level, such as facilitating cross-border transactions. * Draws all the legal issues concerning payments systems together in one volume * Covers key contemporary developments such as EMU and the transition to the euro * Examines issues relevant to payment systems in all parts of the world.