Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-04-23-Speech-1-090"
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"en.20070423.16.1-090"2
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"Mr President, the agreement we have now achieved – at first reading – represents an important step towards the single euro payment area, being the only way in which the first measures can start in good time at the beginning of 2008, and for this I am of course grateful to the rapporteur, Mr Gauzès, and to the German Presidency of the Council, not forgetting the Commission too. This is an important political signal; it is the starter’s gun for which the European banks have been waiting, and they too deserve thanks for their constructive and effective cooperation.
For the consumers, the regulations represent a step towards a truly united internal market for financial services, as previous speakers have rightly appreciated.
However appropriate it is to sound a celebratory note, we should not forget that a compromise always falls short of the ideal solution in certain respects; the pre-eminent example is the way in which the banks will incur considerable costs by reason not only of the single working day execution time allowed them, but also of other structural measures. There are indications that some EUR 23 billion have already been invested in the structural orientation of SEPA as a whole. An execution time of two banking days without any exceptions would, for the European financial sector, be simpler and more transparent, would have been more beneficial to competition, and would, in any case, have saved on costs, but the decision we will be taking tomorrow is one we will be living with.
While consumers will have cause to welcome the greater choice of banks from different Member States, a critical note has to be sounded where their protection is concerned, in that not all suppliers are subject to the same supervisory regulations; the principle of ‘equal conditions for all market actors’ does not apply in every case. Our political actions should always be guided by the needs of consumers and by the need for a functioning and competitive financial market; so national procedures and financial products that work well, are affordable and accepted should not on any account be sacrificed on the altar of European money transfer transactions, the number of which, expressed as a proportion, is constantly diminishing."@en1
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