The Retail Payments Strategy for the EU aims to bring safe, fast and reliable payment services to European citizens and businesses. It will make it easier for consumers to pay in shops and make e-commerce transactions safely and conveniently. It seeks to achieve a fully integrated retail payments system in the EU, including instant cross-border payment solutions. This will facilitate payments in Euro between the EU and other jurisdictions. It will promote the emergence of home-grown and pan–European payment solutions.
Fraud and counterfeiting of non-cash means of payment - Related Opinions
The EESC affirms that it is time for the European Commission to propose legislation on mandatory due diligence that acknowledges responsibility based on current standards and offers a clear and secure legal framework for European businesses. It must be ensured that victims of business-related Human Rights infringements have guaranteed access to fair proceedings, courts and authorities.
The Commission has identified three main strands of further work to move a step closer to a genuine Single Market for financial services:
Increase consumer trust and empower consumers when buying services at home or from other Member States.
Reduce legal and regulatory obstacles affecting businesses when seeking to expand abroad.
Support the development of an innovative digital world which can overcome some of the existing barriers to the Single Market.
With this opinion the EESC takes the opportunity to comment on how the European market for retail financial services can be further opened up. The EESC welcomes that the Commission is on track and has an ambitious programme for implementing the Action Plan on Building a Capital Markets Union, also endorsing that consumers should be given the opportunity, whenever possible, to compare different products, so they can make an informed choice.
In June 2011, the Commission adopted a Communication on Fighting Corruption in the EU, establishing the EU Anti-Corruption Report to monitor and assess Member States' efforts in this area with a view to developing a stronger political engagement to address corruption effectively. Corruption is defined in the report in a broad sense as "any abuse of power for private gain".