Speaking at the Euro Finance Week-SEPA Summit in Frankfurt, Ms Tumpel-Gugerell, Member of the ECB Executive Board, focused on the readiness for SEPA of consumers and of other payment instruments, in particular payment cards.
Ms Tumpel-Gugerell gave a warning shot to banks not to “misuse” SEPA, and blaming it for any unpleasant changes. “In that case, we could end up with a similar debate on perceived price increases as we did after the introduction of the euro”, she said.
“The ECB sees SEPA as a major catalyst for more financial integration in Europe”, she said. “SEPA will influence the payment landscape in Europe for many years to come and this will involve a re-think by all the parties involved.”
As to SEPA card payments, the Eurosystem expects that the card schemes should offer consumer choice, operate in competitive markets and avoid geographical segmentation. “In my view, a clear long term strategy of a SEPA for cards is not yet developed”, she said. “The Eurosystem expects at least one new European card scheme which can compete with the international schemes in the SEPA environment.”
Finally, she called industry for more innovation with regard to SEPA online payments Mobile payments and E-invoicing.
Full speech
© Graham Bishop
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