The president of the Monnet Project Association, a group of 24 European banks from seven countries that is considering starting a new European card system, said the that “Monnet is totally SEPA compliant and has the ambition to become the first truly European card system” and that it “aims at contributing to SEPA and wants to make it become a reality in the areas of cards.” Pauget, who previously served as CEO of Credit Agricole, believes the Monnet Project could be a key tool for achieving “SEPA implementation through its homogenization but to do that it needs in this process the real support of the European Commission.” One obstacle to the launch of Monnet was the lack of clarity on interchange fee regulation. He particularly called on the European Commission to adopt “differentiated interchange fees” so that there would be different fees for different types of transaction, from those where cash is the main alternative, to remote ones where cash is not a possibility.
Georges Pauget spent most of his career at the Crédit Agricole Group. He held positions of responsibility at Crédit Agricole S.A. and its subsidiaries before serving as Chief Executive of several Crédit Agricole Regional Banks and then, in 2003, of Crédit Lyonnais. Read More