This superior US performance can be explained, at least partly, by a more integrated market and a more harmonised regulatory environment. Many of you experience first hand the obstacles that continue to hamper financial integration and cross-border banking in Europe. Some of these obstacles are related to legal and fiscal differences, while others may relate to the regulatory and supervisory framework.
To encourage the market to move ahead, the European Commission and the European Central Bank have proposed an interim solution. The objective of the interim solution is to have, right from the start, a level playing-field in place for the both the SDD scheme and the national, legacy direct debit schemes.