Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-04-23-Speech-1-082"
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". Mr President, on a technical matter, the rapporteur is concerned to have rigorous separation of payment services from other commercial activities, which must mean banking business. The purpose of this separation is, presumably, to minimise risk. But all payments, apart from a tiny proportion of cash payments, are transfers between bank accounts. Hence banks are the natural institutions for operating payment systems, and I doubt that such a separation is either feasible or even desirable from an efficiency point of view. This directive states that it has the worthy objectives of increased competition, transparency, consumer protection and so on. I wonder whether it will turn out like other financial directives such as MiFID, the Markets in Financial Instruments Directive, for instance. Many people in the City of London have now realised that the costs of compliance with MiFID are far larger than any potential benefits."@en1
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