Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-04-10-Speech-1-092"
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"en.20000410.5.1-092"2
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"Mr President, electronic money does not yet have the same importance in the European Union as e-commerce, e-business, e-Europe. We must ensure, of course, that we in Europe also increase our competitiveness in this area vis-à-vis the United States. The introduction of the Euro will undoubtedly have a positive effect and will mean that the time has also come for us to establish uniform regulations to safeguard electronic commerce.
I think that electronic money will gain in importance, not just in commerce but also for consumers, particularly as the safety precautions on the Internet are regarded as inadequate and many are therefore hesitant to choose this option. It has to be said that electronic money in the European Union today enjoys rarity value rather than common usage. This must change! In this regard I must also point out that within the European Union these electronic payment systems also fail to work because interoperability is not guaranteed. I think that we should do something about this if we want to promote this means of payment in future. We must also do it in the interests of consumers, because costs will be saved.
However, the issuing of electronic money is not just about the simplification or safeguarding of payment processes, but in practice also concerns financial stability and the functioning of the payment systems. For this reason we need uniform regulations and we must realise that there will be particular fears if electronic money is issued not just against cash holdings or similar bank account holdings, but if e-money is given on credit. I think that this is the particular cause of the fear of instability instead of the stability which we want to ensure in the European Union. I therefore think that Article 8, which provides for an extension of the conditions for exemption, creates excessive discretionary powers. This could result in many electronic money institutions not being affected by the regulations applicable to credit institutions. This cannot and should not be the case and we all know that national issues of e-money can no longer be guaranteed today, if we look at the wording of Article 8c in particular.
The Council’s amendments, which extend the scope of money, cannot be in the interest of the consumer. We need electronic money which is valid in a given environment. For this reason, it must cover the entire European area and not just a national area. I also think that institutions issuing e-money should be treated as equal. It is, of course, also important to consider the role of the European Central Bank – controlling the amount of money in circulation, for example. However, I am thinking primarily of consumers. Even if e-money can be used without limit on the Internet and for mobile telephones, this does not mean that it might not be counterproductive. For this reason I cannot support the new wording of Article 8c. I think that we must do everything possible to increase consumer confidence in the electronic money age and not to build consumer foundations which have no stability."@en1
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