Parliament propositions strike a balance says Gauzès

Some MEPs of the EPP group welcomed the decision as a "big step towards a common European payments area".

Liberal-democrat MEP Sharon Bowles criticised the proposal for favouring large banks. She said "Keeping the level of capital requirement low is vital if new payment systems and medium size remitters are not to be squeezed out of the market."

ECB Executive Board member Gertrude Tumpel-Gugerell said that there are still areas of concern and urged banks to step up their activities in electronic and mobile-phone payments.

Jim Murray of European consumer's organisation BEUC said: "I am glad that MEPs are happy with their payment services, but most other consumers are not." BEUC especially criticised the sector's shortcomings, such as lack of information or high charges to banks trying to avoid their obligations if your card has been stolen.

Eurocommerce, the European retail association warned not to weaken the original directive. Xavier Durieu said the ECON committee should "maintain the spirit of the directive to the benefit of all citizens, otherwise the whole text will be useless". He further concluded: "It is time for European consumers to benefit from the single market in the area of payments."