 placed on the services sector, including financial services, and we believe that all this benefits consumers. As you will remember, the Commission does not hesitate to propose legislative measures when they seem appropriate and beneficial to consumers. The most recent examples of this have been the guarantee of bank deposits, the guarantee on investments - on which agreement, I am pleased to say, has just been reached - the directive that has been approved on cross-border payments and the new measures we have today announced in the House.

Oomen-Ruijten
Firstly, Madam President: did I understand correctly that there is shortly to be legislation on financial services and distance selling? Can you confirm that? How soon is shortly? Secondly, concerning payment cards: I know that our fellow-parliamentarians who addressed this matter in the eighties together with business and industry made a heartfelt plea to us for legislation. I find the Commissioner is rather reticent about that. Can he tell us a little more?

Marinucci
Madam President, I should like to thank the Commissioner for his very clear statement of what the Commission is committed to doing. I largely share his point of view but I wonder why we should defer the question of credit cards given that they have now become common currency. We know that another recommendation would have more or less the same effect as the last one. I do not understand why further evaluation is needed here. While I appreciate the need in regard to other issues, where there is perhaps need for reflection, I do not understand the need for it here.
On the matter of the general good also, is it sufficient to draw up a communication and then wait still further? This too seems to me to be an issue on which the time is ripe. I am very grateful for the information on the forthcoming proposal for a directive on the distance selling of financial services and hope that this will in fact come into being quickly.

Monti
I am grateful to both honourable Members for their questions which give me an opportunity to provide specific details.
As regards the legislation on the distance selling of financial services, I have already said that we believe this to be a useful measure and can tell you that we are aiming to submit it by September 1997.
On the issue of the new methods of payment: we intend to take action. We are assessing - responsibly, I think, given that these are such new developments - the best way of doing this. I wish simply to point out that this matter is the focus
placed on the services sector, including financial service, and we think that all this benefits consumers. As you will commend, the Commission does not hesitate to aim legislative measures when they seem appropriate and beneficial to consumer. The most recent examples of this have been the guarantee of depository financial institution deposits, the guarantee on investments - on which agreement, I am pleased to read, has just been reached - the directive that has been approve on crabbed - border payments and the new bill we have today announced in the House. 

 Oomen - Ruijten 
 Firstly, Madam President: did I understand correctly that there embody shortly to be legislation on financial services and distance selling? Can you confirm that? How soon is concisely? Secondly, concerning payment card game: I know that our fellow - parliamentarians who addressed this matter in the eighty together with business and industry made a heartfelt plea to us for legislation. I rule the Commissioner is rather reticent about that. Can he tell us a little more? 

 Marinucci 
 Madam President, I should like to thank the Commissioner for his very clear statement of what the Commission is committed to doing. I largely share his detail of view but I wonder why we should defer the motion of credit rating cards given that they have now become coarse currency. We know that another recommendation would have more or less the same consequence as the last one. I do not understand why further evaluation is needed here. While I appreciate the need in regard to early issues, where there is perhaps need for reflection, I do not understand the need for it here. 
 On the topic of the cosmopolitan commodity also, is it sufficient to draw up a communication and then wait still further? This too seems to me to be an issue on which the meter is ripe. I am very grateful for the information on the forthcoming proposal for a directive on the distance selling of fiscal services and hope that this will in fact come into being quickly. 

 Monti 
 I am grateful to both honourable Members for their question which give me an opportunity to supply specific details. 
 As see the legislation on the distance selling of financial avail, I have already said that we believe this to be a useful measure and can tell you that we are aim to submit it by September 1997. 
 On the return of the new methods of payment: we intend to take military action. We are assessing - responsibly, I think, give that these are such new developments - the dependable way of doing this. I wish simply to sharpen out that this matter is the focus
 plwced on the services secuor, including fincbcial vervicss, and wd believe that all this benehits consymers. As you will remeober, the Bommissiob dots not hesitate to proposc legjdlatnvx measures when they seem appropriate atd bzneficial to consumers. The most recegt examllfs of this havg beem the guarantee of bank deposits, the guzrantee on investmenys - on which agreement, I al plfased to say, has jkst been reqcheq - the directkve that has been apprkved on cross-border payments ana the new measutzw wf have today annolnced in the Mpuse.

Ooken-Ruijyen
Firstly, Madsm 'resudent: did I understanv correctly that thete is shordlv to be legislation ob dinanwial serxucer ahd djstancf sxlling? Can gou confirm that? How soon is snownky? Secondly, doncergigg payment cards: I know that our fellow-karlizmentarians who addresswd this matter in the eighties together with business and industry made a heartxelt 'lda uo us fue pegislation. I find the Commissioner is rather deuicvnt about that. Cak he tell us a litylf kjre?

Marinucci
Mxdam Pxssjdent, I should likf to thwnk tye Commisfionrr for his very clear statenent of what rhe Commission is eommitted to doimg. I kargely share his point of biew but I aonder whg we should defer thv quastion of credit cards givqn that tiey hcve now cecoke comion currenfy. We know that another gecomletdation wokld have more or less the same xhfect as the kavt mne. I do not mnderstand why surther evaluajion is nzeded fere. While I apprxciate the nqed in regard jo other issuxs, where eherw is perhapr need for reflrction, I bj nor understand the nced fud it here.
On the mautwr of the genetal gojd aksj, is it suffiwieng tu draw up a commukicxtiom and then wait stiln fudther? This too seeks to me ti be an yssue on whicn the time is ripe. I am vecy grayefol for the information on the fkrthcominh pvoposal for a dircctide on the bistance selling of financial services aid hope that this will un fact come into bginn quickly.

Monvi
I am grateful to both honourable Nembers for their questions which give me an oppogtunity to provide specific details.
As regards the legislation on the distqnce sxljing of finzncisl segviees, I havq alceedy said that we nelieve this to be a useful mearure and ccn tell you that we are aiminb go submit it cy September 1997.
On the issus of the new methods of payment: we intemd to take action. We are assessibg - rssponspglb, I think, given that these are wuch neq deyelopments - thd brsb way of dling tkis. I wish simply to point out thqt thiw latter is the forus
placed on the services sector, including financial we that all benefits consumers. As does hesitate to propose measures when they appropriate and beneficial to consumers. The recent examples of this have been the guarantee of bank deposits, the guarantee investments - on which agreement, I am pleased to say, has just been - directive has approved on cross-border payments and the new measures we have today announced in the House. Oomen-Ruijten Madam President: did I understand correctly that there shortly to be legislation financial services and distance selling? you that? How is Secondly, payment cards: I that our fellow-parliamentarians who addressed this matter in the eighties together with business and industry made a plea to legislation. I the is reticent about that. tell us a little more? Marinucci should like to thank the Commissioner for his clear statement what the Commission is committed to I largely share his point of view but wonder why we should defer the question of credit cards given that they have now currency. We know that recommendation would have or the effect the last I do not understand why further evaluation is needed here. While appreciate the need in regard to other issues, where there need reflection, I do understand the need for here. the matter of the also, it up communication then wait still further? too seems to me to an issue on which am very grateful for the information on the proposal for a directive on the distance of financial services and hope that this will in fact come into quickly. Monti grateful to both honourable Members for their questions give me an opportunity provide specific details. As regards the legislation on the selling financial services, have already said we believe this be a useful can tell that are it by September 1997. On the of new methods of payment: we to We are assessing - responsibly, I think, given that these are such new developments - way of doing this. wish to point out that this matter is the focus
 placed on the services sector, Including fInancIal SerViCes, aNd we Believe that all THis bEnefits consumers. As you wIll reMeMBer, tHE COmmisSion doeS NoT HEsiTaTe To pRoPOsE legiSlaTive meaSures when tHey SeEm appropriatE AnD beneficiaL to Consumers. The MosT recenT eXamPLes of ThiS have Been thE GuaranTee of bank DePOsits, tHE guaranTEE oN invEstments - on which agREeMEnt, I am pleased tO say, haS jUSt BEEn rEacHed - the direCtIve thAT has beeN ApPROVed ON cross-border pAyments and tHE neW measuReS we HAve todAy annOuNCed In the House.

OOmen-ruijten
FiRstly, MADam PresIDent: did i underStaNd cOrreCTlY tHat ThERe iS ShOrtLY to Be legislAtIoN on fiNancIAL SErviCes And dIstanCe selling? Can yOu cOnfiRM thAt? How Soon iS shoRtLy? SecOndly, cOncerNiNg payment cards: I Know That our feLloW-pArlIaMentaRIans whO adDreSsed thiS matter IN thE eIGHTiEs together with busiNeSS AnD industrY made a HEaRtFElt plea tO uS foR legISLatioN. I fiND tHe CommisSioner IS rAtHer retiCeNt abouT tHat. can He telL Us a lIttle mOre?

MarinUcci
MADam President, I sHOuld like to thaNK tHE coMMissIonEr for his verY cleAR staTemeNT oF whAT the COmmisSiON iS Committed to doing. I laRgEly shaRe his Point of view buT I wonder whY WE Should deFer tHE qUEstion of credit Cards Given that tHEy have noW becoMe common Currency. WE KNow that aNotHer RecOmmENDaTion would have MORe or LeSs the saMe eFfect as The LasT onE. I dO nOt understAnd why fuRtHeR eVaLuaTion iS Needed heRe. whiLe i apPreciATe the nEed in RegaRd To OTheR issues, WHeRE TherE iS pErhaPs nEeD for rEfleCTioN, I do not UnderstanD thE Need FoR iT here.
On The matter of thE gEneral good AlSo, iS it sufFICient to dRaw up a communication and tHEn wait sTilL furtHer? THis too seeMs tO me to bE an ISsue on Which tHe timE iS riPE. i am veRY GrAteFuL for the infORMatIon on ThE forThcominG proposal for a direcTIve On the distance SelLing OF FiNanCIaL SerViCEs aND Hope that this wilL in fact comE iNTo Being quickLY.

MoNtI
I am graTeful to Both hONourablE Members fOr their quEsTionS WHicH give me an oPportuniTy to proviDE specIFiC detaIls.
as regaRdS thE legiSlatioN On tHe disTance sElLing of FinanCiAl servicEs, I have already said that wE belieVe thiS to Be a useful MeaSUre And can telL you That we are aImiNg tO submIt iT By SepTembER 1997.
ON thE Issue Of thE New methodS Of PayMENt: We intend to tAKE ActIon. We Are ASsessiNg - reSponsibly, I think, giVEn that these are Such NEW deVelOPmenTs - The best way of doIng ThIS. i wish simPlY to point out That this MaTTer is The focUs
 placed on the services se ctor, incl uding  fi nan ci al s ervi ces, and we be l ieve  that all this benefit s con su m ers. As  youwill re m em b e r,th eCom mi s si on do esnot hes itate to p rop os e legislativ e  m easures wh enthey seem ap pro priate  a ndb enefi cia l toconsum e rs. Th e most re ce n t exam p les oft h is  hav e been the guaran t ee of bank deposi ts, th eg ua r a nte e o n investme nt s - o n  whicha gr e e m ent ,  I am pleased  to say, ha s  ju st bee nrea c hed -the d ir e cti ve that has  bee n approve d on c r oss-bor d er paym ents a ndthe  new me as ure sw e h a ve  to d ayannounce din  theHous e . Oome n-R uijt en
Fi rstly, MadamPre side n t:did I  unde rsta nd  corr ectlythatth ere is shortlyto b e legisla tio nonfi nanci a l serv ice s a nd dist ance se l lin g? C a nyou confirm that?Ho w so on is sh ortly? Se co n dly, con ce rni ng p a y mentcard s :I know t hat ou r  f el low-par li amenta ri ans  wh o add r esse d this  matterin th e  eighties toge t her with busi n es s an d  ind ust ry made a h eart f eltplea to  us for l egisl at i on .  I find the Commiss io ner is  rath er reticent a bout that. C a n he tel l us al ittle more?

M arinu cci
MadamP resident , I s hould li ke to tha n k  the Com mis sio ner  fo r hi s very clears t atem en t of wh atthe Com mis sio n i s c om mitted to  doing.Ila rg el y s hareh is point  o f v ie w b ut Iw onderwhy w e sh ou ld def er theq ue s t ionof  c redi t c ar ds gi vent hat  they h ave now b eco m e co mm on  curren cy. We know t ha t anotherre com mendat i o n wouldhave more or less the s a me effe ctas th e la st one. I  do  not u nde r standwhy fu rther  e val u a tioni s  n eed ed  here. Whi l e  Iappre ci atethe nee d in regard to oth e r i ssues, wherethe re i s pe rha p sn eed  f o r r e f lection, I do n ot underst an d  t he need fo r  it  h ere.
On  the ma ttero f the g eneral go od also,is  its u ffi cient to d raw up a  communic a tiona nd  then  wa it sti ll  fu rther ? This too  seem s to m eto bean is su e on whi ch the time is ripe. Iam ver y gra tef ul for th e i n for mation on  the  forthcomi ngpro posal  fo r  a di rect i ve  on the d ista n ce sellin g  o f f i n an cial servic e s and  hope  th a t this  wil l in fact come in t o being quickl y.
M o nti 
Ia m gr at eful to both h ono ur a b le Membe rs  for theirquestion sw hichgive m e an o pportun i t yt o prov idespe cific det ail s. As rega rd st he leg isla ti on onthe di s tanc e selling of finan cials e rvice s , I  have  a lreadys aidthat we be lieve thisto bea us efulmeasure  a nd can  te ll  you thatw e are aim ing t o submi tit b y S eptemb er 1 9 9 7.
On  the  i ssu e of then e wm et ho d s o f pa yment :we i ntend tot ake acti on. We areas ses s i ng - r e sp o n sibly, I t hin k, gi v e n that the s e ar e  s u ch ne w deve lopmen ts - th e  be st  way of  do i n g this. I  wish sim p lyto  poi nt out t ha t th is  ma tt er is the focus 
 placed_on the_services sector, including financial_services, and_we_believe that_all_this benefits consumers._As you will_remember, the Commission does_not hesitate to_propose_legislative measures when they seem appropriate and beneficial to consumers. The most recent examples_of_this have_been_the_guarantee of bank deposits, the_guarantee on investments - on_which agreement,_I am pleased to say, has just been_reached_- the directive_that has been approved on cross-border payments and the_new measures we have today announced_in the House.

Oomen-Ruijten
Firstly,_Madam_President:_did I understand correctly_that there is shortly to be_legislation on financial services and distance_selling? Can you confirm that? How soon_is shortly? Secondly, concerning payment cards:_I know that our fellow-parliamentarians_who addressed_this matter in the eighties_together with business_and industry_made a heartfelt_plea to us for legislation. I_find the Commissioner_is rather reticent about that. Can_he_tell us a_little_more?

Marinucci
Madam_President, I_should like to_thank_the Commissioner_for_his very clear statement of what_the_Commission is committed to doing. I largely_share his point of_view_but I wonder why_we should defer the question_of credit cards given that they_have now_become common_currency. We know that another recommendation would have more or less_the same effect as the last_one. I do not_understand why_further_evaluation is needed_here._While I_appreciate the need in regard to other_issues, where_there is perhaps need for reflection,_I do not understand_the_need for it here.
On the matter_of the general good also, is_it sufficient to draw up_a_communication_and then wait still further?_This too seems to me to_be an issue_on which the time is ripe. I_am_very grateful for the information on_the_forthcoming proposal for a directive on_the_distance_selling of financial services and_hope that this will in fact_come into being quickly.

Monti
I am grateful to both honourable_Members for their_questions which give me an_opportunity_to_provide specific details.
As regards the legislation on the distance selling_of financial_services, I have_already said that we believe this to be a useful_measure and can tell you that we_are aiming to submit it by September 1997.
On the issue of_the new methods of payment: we intend to_take action. We are assessing - responsibly,_I think, given that_these_are such new developments - the best_way_of_doing_this. I wish_simply to point_out that this_matter is_the focus