Jerome H Powell: Recent economic developments, the productive potential of the economy, and monetary policy Speech by Mr Jerome H Powell, Member of the Board of Governors of the Federal Reserve System, at the Peterson Institute for International Economics, Washington DC, 26 May 2016.
I think that the recent MasterCard decision of the European Commission is a case in point. It can provide the basis of a constructive dialogue between the European competition authorities and the financial industry on the conditions of acceptable business models for cards. Additionally, national schemes are often owned by banks and therefore the schemes themselves have often little room for manoeuvre.