The fast introduction of innovative products and the deepening of cross-border placements lead to a greater supply of funds for a new universe of investors in financial markets, enabling a greater diversification and spreading of risk among asset holders. This risk transfer reduces the financial system’s vulnerability and strengthens its ability to cushion shocks.
To get there, we need leadership and vision. Regarding the rules and standards for the cards business, I call upon the EPC to show this leadership and vision. Regarding the additional European card scheme, I call upon the various parties to the individual initiatives to show leadership and vision, to set up additional European card schemes.