Extracts from the joint press conference by Joaquín Almunia and Michel Barnier on the communication on shadow banking and proposes draft regulation on money market funds
Type: Summary of press conference
Brussels - EC/Berlaymont
On 24 July 2013, Michel Barnier, Member of the EC in charge of Internal Market and Services, and Joaquín Almunia, Vice-President of the EC in charge of Competition, during a press conference, presented a new legislative package, including a revised Payment Services Directive ("PSD2") and proposal for regulation on interchange fees for card-based payment transactions in the European Union.
The European Commission wants the payments framework to better serve the needs of an effective European payments market, fully contributing to a payments environment which nurtures competition, innovation and security.
The proposed revision of the Payment Services Directive includes measures to improve the level playing field for payment service providers (including new players); facilitate the emergence of common technical standards and interoperability; ensure a high level of consumer protection and of payments security and a robust governance model for retail payments in Europe.
The interchange fee Regulation is aimed at facilitating the internal market for card, internet and mobile payments and improving information on the fees charged in relation to such payments for the benefit of consumers and companies.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Exterior view of the Berlaymont building in Brussels
||General view of the press conference
||Soundbite by Michel Barnier, Member of the EC in charge of Internal Market and Services (in FRENCH) saying that what they expect when paying online is security and confidence, without paying invisible and unjustified costs. They are dealing here with a very practical aspect of citizens' Europe. These new rules are going to complete the existing legislative framework with a revision of the Payment Services Directive, and will allow them to adapt to new technologies; thus creating a genuine single European market of payments.
||Soundbite by Joaquín Almunia, Vice-President of the EC in charge of Competition (in ENGLISH): Interchange fees on most domestic transactions still vary widely across Member States, with the exception of the seven countries affected by the commitments with Visa Europe. The different levels with strong divergences create a very serious fragmentation of the Internal Market. Regulation is required to cap the fees for everybody and everywhere in the EU. The regulation we have adopted today imposes caps for interchange fees with respect for consumer's debit and credit cards.
||Cutaway of the audience
||Soundbite by Michel Barnier (in FRENCH) saying that their proposal on benchmarks will be presented in September. That will be the first of three new proposals in order to create this legislative architecture for the products on the financial market benchmarks, shadow banking and the conclusions on the Liikanen report ("Bank Structural Reform").
||Cutaway of the audience
||Soundbite by Michel Barnier (in FRENCH) saying that it is possible, although difficult, to get agreement on today's proposals before the end of the (EP) parliament's mandate. Council and Parliament are motivated by consumer protection, banking transparency and charges, and mobility. He will do all he can to get agreement by the end of March on all these aspects of citizens' Europe and consumer protection.
||General views of the press conference (2 shots)