Other news - July 2013
In order to adapt EU payments market to the opportunities of the single market and to support the growth of the EU economy, the European Commission adopted today a package including a new payment Services Directive (“PSD2”) and a proposal for regulation of interchange fees for card-based payment transactions. “Today, the payment market in the EU is fragmented and expensive (...) These are costs our economy cannot afford. Our proposal will promote the digital single market by making internet payments cheaper and safer, both for retailers and consumers” Commissioner Barnier said.
Towards a more competitive and efficient European defence security – The Commission issues a communication
The successive waves of cuts in defence budgets and the persisting fragmentation of defence markets in Europe threaten Europe’s capacity to sustain effective defence capabilities and a competitive defence industry. This also jeopardises Europe’s capacity to meet the new security challenges in an autonomous and effective way. This is why the European Commission has presented today a Communication which contains an Action Plan to enhance the efficiency and competitiveness of Europe’s defence and security sector.
The European Commission and the US Commodity Futures Trading Commission reach a Common Path Forward on Derivatives
Commissioner Barnier and United States CFTC (Commodity Futures Trading Commission) Chairman Gary Gensler today announced a Path Forward regarding their joint understandings on a package of measures for how to approach cross-border derivatives. “Our discussions have been long and sometimes difficult, but they have always been close, continuous and collaborative talks between partners and friends” said Commissioner Barnier.
The European Commission has today made a proposal for a Single Resolution Mechanism for the Banking Union. “We need a system which allows banks to be resolved quickly, efficiently, avoiding doubts on the impact on public finances and with rules that create certainty in the market. That is the point of today’s proposal for a Single Resolution Mechanism” Commissionner Barnier said.
With today's launch of the online only Single Market Scoreboard, a more comprehensive and user-friendly reporting system has been put in place. The Single Market Scoreboard incorporates comprehensive reports on 13 governance tools including monitoring the correct transposition of EU directives, analysis of infringement proceedings, administrative cooperation networks and various information and problem-solving services.