The objective of this initiative is to foster pan-European market initiatives based on instant payments, which would ensure that anyone holding a payment account in the EU could be able to receive and send an instant credit transfer from and to any other payment account in the EU, as a first step in euro and eventually in any EU currency. There should be attractive payment solutions allowing initiation and acceptance of instant payments domestically and crossborder (and in the longer-term also globally), in various circumstances, including at physical point of sale, online and between individuals.
Green paper on retail financial services and insurance - Related Opinions
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COM(2022) 204 concerns the reform of the current EU rules on Distance Marketing of Consumer Financial Services, which govern financial services sold at a distance. The overall objective of the proposal is to promote the provision of financial services in the internal market while ensuring a high level of consumer protection.
The EESC shares the Commission's view on the strategic importance of payments and that further work is needed to enable payment transactions within the single market using new home-grown, pan-European payment solutions. It also supports the view that the Commission should act as a political catalyst, whilst it is the private sector that should design the innovative digital payment solutions. The EESC believes that relevant market players should be subject to appropriate legislation, supervision and oversight, ensuring a level playing field among those offering the same services and activities.
The majority of road accidents are down to human error alone, so a comprehensive approach to road safety is needed. It should cover driver behaviour, the working conditions and skills of professional drivers, and infrastructure.
The objective of this proposal is to bring the benefits of Regulation 924/2009 to people and businesses in Member States outside the euro area, and put an end to the high cost of intra-EU cross-border transactions in euro. This proposal will enhance transparency for consumers by disclosing the full cost of a cross-border transaction. It will help them compare currency conversion service offers before starting a payment transaction involving a currency conversion.
With this opinion the EESC welcomes the Commission's initiative to prioritise the fight against cybercrime, as it aims to protect Europeans and businesses from cybercrime networks, and includes measures to boost confidence in the use of electronic payment instruments. The EESC is of the view that the benefits of digitisation must be flanked by mechanisms able to meet the accompanying challenges, so that the European economy and Europeans can enjoy the information society to the full. For the EESC it is important to establish deterrents and mechanisms to inform the public about the modus operandi of offenders as well, through awareness-raising campaigns conducted by law enforcement authorities in the Member States.
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.
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