Within the European Union, the free movement of capital is one of the four fundamental freedoms, and perhaps the broadest, due to the possibility of including third countries that do not belong to the Union.
Its main objective is to remove restrictions on the movement of capital and, for this purpose, a Directive on payment services was developed and provided the necessary legal framework for the creation of the “single euro payments area” (SEPA) that allowed the reduction of commissions in cross-border transfers or the execution of direct debits regardless of the country in which the account is open.
The last barrier that remains to be overcome in this regard is the creation of a single capital market.
