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Jean-Michel Godeffroy presents the ECB’s
position on the construction of the Single European Payment Area (SEPA).
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Jean-Michel Godeffroy, General Manager of Payment Systems at the European
Central Bank.
We believe that the area of payments runs the risk of becoming ‘over-regulated’
in Europe. In other words, we are not in favour of the continual tightening
of regulations. Let me take an example. The current legislation stipulates
that cross-border payments must be made within a maximum of six days.
Banks generally make them within just three days. The Commission has
thus suggested that the maximum legal period be brought back to three
days. We are not in favour of this proposal. Indeed, if each time
banks did better than required under the regulations, and regulations
were therefore changed to establish a new norm, then banks would eventually
simply stop trying to do better. Existing legislation does not need
to be tightened, but rather it should be adapted to the euro zone,
which needs to be considered as a ‘domestic’ area. Our
approach is above all one of consultation, rather than wanting everything
to be regulated, which we believe would simply lead to a purely passive
market devoid of any further innovation. It is, however, essential
to harmonise existing legislation in all Member States. |
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