In this blog (see 'related links' below), Javier Santamaría, Chairman of the European Payments Council ( ), provides an overview of principal European Union ( ) regulatory initiatives impacting payments now being progressed. He comments: "According to the European Commission, these initiatives are aimed at promoting market integration, improving efficiency, increasing security and transparency, as well as strengthening financial stability in the , while at the same time fostering innovation and increasing the competitiveness of the economy. These are noble aspirations which deserve everyone's full support. The question however, remains whether regulatory action is the adequate means to all these ends."
The Chairman concludes: "As observed on earlier occasions: regulatory action in the area of payments should be restricted to and focus on integration, not on 'innovacompegration'. Experience demonstrates that the most successful innovations materialise if the market is simply allowed to generate forward-looking payment solutions in response to customer demand. It would be welcomed if the Commission would take this market reality into consideration when determining the need for further action in the area of payments."
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