Objectives of the session
In a fast-evolving context, the session – following a description of the essential developments witnessed in the payment area – aims at assessing whether the EU should further coordinate regulatory responses and define an industrial policy in certain aspects of the payment area, in the global context.
Points of discussion
What are the essential developments witnessed by the payment industry? What are the main expected implications for the payment landscape in the EU and globally, which are brought about by fast evolving competition AML-TF and data protection regulations, combined with multiple technology breakthrough? What are the specific/additional evolutions and challenges, raised by Libra?
How is the architecture of payments evolving in the EU in this context? Are there eventually autonomy issues posed to the EU regarding the availability of payments in both digital and “brick and mortar” worlds? Should an EU industrial policy be defined in the retail Payments area?
What should be the policy priorities to address some of the objectives listed by the report “The future of finance” written by the Bank of England, in the payment area? Should the EU further coordinate the regulatory response and define an industrial policy in the payment area? What are the regulatory and supervisory priorities resulting from such an unprecedented context? Who should take the leadership, the EU Commission, the ECB, the FSB…?