As regards the latter, the UCITS directive already provides member states with the option to allow competent authorities to require the suspension of the repurchase or redemption of units in the interest of the unit-holders or of the public. We should explore whether this provision can be effectively used for macroprudential purposes.
The Eurosystem has repeatedly voiced its expectation that the banking industry will set up at least one additional European card scheme. At the moment, I know that several projects are underway on one or more European card schemes, and I hope that they will soon release their prototypes to the public.