Description
This is the story of how the EU managed to become the focus of global attention as a forerunner for payments integration. Following on from previous attempts to harmonise various aspects of the EU payments market, the Payment Services Directive (PSD) stands out as one of the most ambitious and strategically important regulatory interventions in the financial services arena so far. With the clear objective of totally reshaping the payments landscape in Europe, the PSD is the legal lifeblood which is expected to sustain the Single Euro Payments Area (SEPA) and the broader integration of the EU payments market. This book provides an inside view of the forces which have shaped SEPA and the PSD – two landmark initiatives – written from the unique perspective of someone closely involved throughout the whole process. In doing so, it uncovers the strategic, legal and practical implications of the full harmonisation agenda and provides an assessment of where these initiatives stand today including key lessons learned. It concludes with the longer term implications of a harmonised European payments market and highlights initiatives in other regions of the globe inspired by the European experiment. Essential reading for all those already involved, getting involved or just studying the evolution of the European and global payment markets – and more generally for anyone simply interested in a topical and lively case study of EU integration and law-making in action.
