Last but not least, the directive may also stimulate new business models and forms of cooperation between banks and non-banks. The need for a level playing field on which to compete goes both ways. All entities providing retail payment services to end-users within the EU should be licensed and supervised.
The first is, the design of the individual institution, and the second is the relationship between different institutions. Let me focus on the second of these issues. The classical view of the relationship between institutions is to let each institution concentrate on its own task.