THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Central Bank [OJ C 224, 15.7.2014, p. 1.],
Having regard to the opinion of the European Economic and Social Committee [OJ C 170, 5.6.2014, p. 78.],
Acting in accordance with the ordinary legislative procedure [Position of the European Parliament of 8 October 2015 (not yet published in the Official Journal) and decision of the Council of 16 November 2015.],
Whereas:
(1) In recent years, significant progress has been achieved in integrating retail payments in the Union, in particular in the context of the Union acts on payments, in particular through Directive 2007/64/EC of the European Parliament and of the Council [Directive 2007/64/EC of
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