But I also want to convey today that Basel II remains very much a work in progress. As we proceed toward the implementation of this framework, success will require that bank regulators, the banking industry, the Congress, and other relevant parties engage in an ongoing and frank dialogue, and that policymakers be open-minded, flexible, and ready to make needed adjustments.
This is probably not the best outcome for Europe and certainly not in the spirit of PSD2. The big – unanswered – question is, then, how to avoid it. •  How should small players get the chance to develop. Loosely speaking, PSD2 gives them the right to access bank accounts; again, if the customer consents. But this is only their legal position.