BRUSSELS, April 20 (Xinhua) -- The European Commission (EC) said on Monday that it has set up a Payment Systems Market Expert Group (PSMEG) to assist in the preparation of its payment policy.

    The EC, the executive arm of the European Union (EU), has appointed 50 members with a broad range of expertise, taking into account the need to achieve balanced representation of the interests of all relevant stakeholders.

    The Group's mission is to assist the Commission in the preparation of legislative acts or policy initiatives on payment systems; to provide insight on the practical implementation of these policies; to exchange views on the latest best practices; and to ensure monitoring of potential issues of concern to the market.

    "In the area of payments, and particularly in the context of SEPA (Single Euro Payments Area), we have a growing need for regular and high-level stakeholder input at the earliest stage of our policy-making," Internal Market and Services Commissioner Charlie McCreevy said in a statement.

    "New and complex areas of activities, such as the prevention of payment fraud or the development of innovative payments, will also mean new needs for specialist expertise," he added.

    The decision to establish an expert group was made on Dec. 15, 2008. The group will meet in Brussels and will be chaired by the Directorate-General for Internal Market and Services of the EC.