The European Banking Federation (EBF), the European Association of Co-operative Banks (EACB) and the European Savings Banks and Retail Banking Group (ESBG) unveiled on Wednesday 1 April their shared vision of a “forward-looking European payments market”.
The 20-page document launches the debate on a “well-thought, sensible” European strategy for retail payments for the next 5 years.
Such a strategy should, according to the three associations, pay particular attention to the development of pan-European solutions for instant payments. It will also have to strike the right balance between increased digitisation of services and the financial inclusion of all clients.
In addition, the three associations indicate their support for the European Commission's efforts to define a common approach to cryptocurrency (see EUROPE 12394/29). On the other hand, they reject the usefulness, put forward by some observers, of a stable common currency to encourage cross-border payments.
“In the European context we do not see such a need as cross-border payments intra EU within the SEPA area are considered domestic and already well developed and regulated”, they explain.
With regard to possible digital currencies issued by central banks, they warn that “any policy dialogue on this topic should include the banking industry and should not seek to replace private sector actors”. On the contrary, they believe that it should be “a common project between the European System of Central Banks and European banks”.
In view of the “busy regulatory agenda for banks in recent years”, the three associations also believe that any new Commission proposal in the area of payments should be carefully “considered”.
See document: https://bit.ly/2xIPuHP (Original version in French by Marion Fontana)