Small, national card networks in such countries as Finland, Ireland and the Netherlands should consider joining one of the new European card networks, Gertrude Tumpel-Gugerell, an executive board member of the European Central Bank, said during a speech Wednesday.
The bank provided the text of the speech, scheduled for delivery at a cards and payments conference in Paris.
At least three fledgling card networks hope to compete with Visa Europe and MasterCard Inc. as European Union regulators try to stop the international card brands from imposing high interchange rates and as much of the Continent moves toward a common market for electronic payments.
