The changing payments landscape of Europe: issues of regulation and competition

Summary:

This article focuses on a topical element of the connection between the European Central Bank (ECB) and the single market, namely payments regulation and supervision. The article also discusses competition issues in the changing European landscape which form the focus of attention of the competition authorities and the ECB.

After a brief discussion of ‘remote access’ in monetary policy operations, compliance with internal market rules in respect of bank note production, and the ECB’s involvement in the general thrust towards completion of a single financial services market. The article focuses on payments systems. The section discusses the issues of oversight of the payment systems. It is followed by an extensive discussion of SEPA, the acronym for the Single Euro Payments Area. It outlines the concept of SEPA and the concerns relating to its structure and establishment. The subsequent section of the article provides criticism of the regulatory environment for SEPA.