Publikováno: 13. 12. 2013
The draft European Parliament report on the proposed Regulation on banking interchange fees (MIF) would water down the Commission proposal so that the majority of the potential benefits to consumers and to merchants would be lost.
EU promise of transparent and competitive payment system under threat
The draft European Parliament report on the proposed Regulation on banking interchange fees (MIF) would water down the Commission proposal so that the majority of the potential benefits to consumers and to merchants would be lost.
Next week, the European Parliament will discuss the draft report by MEP Zalba Bidegain (EPP, ES) on the proposed regulation on interchange fees (IFs). The amendments it proposes remove significant parts of the reforms intended by the Commission to bring transparency, competition and innovation to the market.
Christian Verschueren, Director-General of EuroCommerce said, “We must not let the banks and payments lobby hijack this debate. The barriers of the interchange fee must be removed to allow for competition and innovation. We call on Europe’s decision-makers not to be swayed by the scaremongering messages from banks and card schemes, and to have the courage to stand up for a competitive, cost-efficient, secure and transparent payments market which will bring great benefits to the EU economy as a whole. Consumers in Europe deserve it.”
The amendments (details hereunder) that are being proposed would perpetuate a system where all consumers, whether they use cards, or cash, and even those without bank accounts, would end up paying higher prices for their goods and the rewards they deliver to their users. They would allow schemes to continue to impose rules on merchants which they cannot negotiate.
~ENDS~
For further information, please contact:
Ruth Milligan Marjolein Raes
Senior Adviser, Payment Systems Director of Advocacy & Communications
Tel: +32 2 737 05 95 Tel: +32 2 737 05 99
milligan@eurocommerce.eu raes@eurocommerce.eu
Notes for editors
Detailed issues with the proposed amendments
EuroCommerce and the commerce sector
EuroCommerce represents the retail, wholesale and international trade sectors in Europe. Its membership includes commerce federations and companies in 31 European countries.
Commerce plays a unique role in the European economy, acting as the link between manufacturers and the nearly 500 million consumers across Europe over a billion times a day. It is a dynamic and labour-intensive sector, generating 11% of the EU’s GDP. One company out of three in Europe is active in the commerce sector. Over 99% of the 5.5 million companies in commerce are small and medium-sized enterprises. It also includes some of Europe’s most successful companies. The sector is a major source of employment creation: 29 million Europeans work in commerce, which is one of the few remaining job-creating activities in Europe. It also supports millions of dependent jobs throughout the supply chain from small local suppliers to international businesses.
Conor Mescall | EuroCommerce
Advocacy & Communications Assistant
T:+32 2 737 05 89 - www.eurocommerce.eu