Javier santamaria - donderdag 21 april 2011

Innovacompegration (This is Not a Typo)

logo-european-counsilReflections on the best approach to innovation, integration and competition in payments - The general objective of European integration is to better the lives of some 500 million consumers and 25 million businesses across the European Union (EU).

Migration to SEPA is viewed as one important element of the strategy promoted by European authorities to further this cause.

The payments industry is happy to assist in the matter and has delivered, as requested, a set of harmonised SEPA payment schemes (among other things). So far, so good. The risk at this point however, is that expectations regarding the immediate impact of market integration on innovation and competition are blown out of proportion. At the same time, the authorities now seem to mistakenly assume that ingenuity, inventiveness and the readiness to develop new products and services could be decreed by law. In this article, Javier SantamarĂ­a analyses the different factors impacting integration, innovation and competition and advocates that 'each cobbler sticks to his last'. In other words, the European authorities should restrict themselves to setting the conditions for market integration and leave innovation to the market players. The 'Fringe Observations on SEPA' highlights aspects transcending the day-to-day management of the process, aimed at making SEPA a reality in the foreseeable future.

Bron: www.europeanpaymentscouncil.eu

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