This month's view from Europe, courtesy of Edith Rigler :
New rules on payment services for the
benefit of consumers and retailers – European
Commission, 24 July 2013
has adopted a package including a new payment Services Directive
("PSD2") as well as a proposal
for the regulation on interchange fees for card-based payment transactions. The
Regulation on interchange fees, combined with the revised PSD, will introduce
maximum levels of interchange fees for transactions based on consumer debit and
credit cards and ban surcharges on these types of cards.
has also published a Q & A document.
The single market in financial services: “we
need the UK on board” – European Commission speech, 12
In a recent
speech in London, Michel Barnier, European Commissioner for the Internal Market
and Services, argues that the UK has benefitted from EU membership and would
lose out on many of its own interests if it were to leave the EU.
Unemployment in the EU remains high – Eurostat, 31 July 2013
remained at 12.1 percent in the
17-nation euro zone, unchanged from May, according to Eurostat data. The crisis
has affected the 16-25 age segment worst of all, with jobless rates running at
catastrophic levels of 58.7 percent in Greece and 56.1 percent in Spain.