The EU is making substantial efforts to iron out the national barriers and practices that are still fragmenting the internal market for payments. In doing so, it reflects widespread concern that Europe’s Single Market will not be fully effective until there are common EU-wide rules on payments.
But are the proposals set out in the European Commission’s consultative document on a new legal framework for payments receiving the widespread support they need? Are the rules being put forward too detailed to be workable, and how should ‘Consumer protection’ be defined so as to distinguish private citizens from retailers and SMEs? Are the Commission’s proposals likely to stimulate cross-border transactions in our increasingly cashless society?
Speakers:
- Gertrude Tumpel-Gugerell, Member of the Executive Board, European Central Bank
- Johannes van der Velde, President and CEO, Visa Europe
- David Wright, Director Financial Markets, Directorate General for Internal Market and Services, European Commission