The benefits of this digitally integrated market for consumers should be welcomed. The Eurosystem has been involved throughout this process in several roles: as an operator to provide the right services for settlement and payments; as a catalyst to facilitate standardisation, reachability and interoperability, and as overseer and regulator to ensure a smooth functioning of payment systems and to ensure a level playing field.
Our aim, as with the provision of banking services generally, is to have a payment system that functions smoothly and efficiently, while still providing the necessary legal safeguards for data and privacy. We are striving for a regulatory framework that is consistent and neutral – neither stifling new competitors, nor protecting the incumbents.