ECB's Tumpel: open markets aid financial consolidation

LONDON, July 2 (Reuters) - More competition in European credit and debt card schemes will aid financial sector consolidation, European Central Bank Executive Board member Gertrude Tumpel-Gugerell said on Wednesday.

Addressing a conference in London, she declined to comment on monetary policy ahead of an interest rate meeting on Thursday when the ECB is expected to raise rates by 25 basis points to 4.25 percent.

Tumpel-Gugerell said there were clear benefits from an open and competitive market in cash-free payments for consumers, retailers and banks.

"The opening of the national markets implies inevitably the potential for mergers, acquisitions and sell-offs. More and more banks will be European banks, more and more processors will be European processors and even retailers will have, and have already, European wide presence," she said.

For a copy of her speech, please see the ECB Website:

here (Reporting by Kirsten Donovan and Amanda Cooper, writing by Krista Hughes)