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Cross-Border Service Payments Under EU Fair Competition and Sepa Rules

2012; Taylor & Francis; Volume: 8; Issue: 2 Linguagem: Inglês

10.5235/ecj.8.2.403

1757-8396

Anca D. Chirita,

Corporate Governance and Law

the Vice President of the European Commission, Joaquin Almunia, explained why "a fair and open system for payments" is needed in Europe: 1 "It will not be a surprise to you that the Commission considers the development of fair, comprehensive and efficient payment systems for the whole of the EU as a precondition for the integration of commerce and the development of a true digital economy". 2 Technical barriers and the lack of security standards 3 impede the integration of payment systems.These barriers need to be removed and thereby more transparency, competition and innovation be brought to the European payment market.The Competition Commissioner seems rightfully concerned about how best to achieve interoperability and foster competition by making the European payment market more open and accessible.This article explains why the above worries are legitimate, but also underlines from the outset one of the criticisms of this direction. 4 The new mission of competition is said to overlap with industrial policy and the decision making within the DG Internal Market and Services, which is enhancing competitiveness, stimulating innovation and promoting financial stability.