Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-10-26-Speech-4-094"
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"en.20001026.3.4-094"2
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"Madam President, I would like to concur with the rapporteur and her excellent report. She expressed her views in no uncertain terms. I am also delighted that the European Commission, especially Commissioner Bolkestein and also Commissioner Monti, are putting this matter high on the agenda.
Consumers and companies are becoming increasingly dissatisfied with the high costs for cross-border bank transactions in the internal market, which is completely understandable. Consumers pay far too much for any type of cross-border bank transactions, as well as for cash, credit transfers, credit cards and cheques. For large sums, there is a refined network in place in which transfers are carried out as quickly and cheaply as for domestic transactions. However, the private individual still cannot rely on sufficient support, a reduction in costs and efficient processing of small amounts.
I would therefore like to stress once more the need for efficient, safe and cheap services for retail payments in the internal market to go hand in hand with the introduction of the euro. The acceptance of the euro also depends greatly on whether consumers and companies are able to use the euro area as an internal payment zone. It is crucial for consumers to accept the euro. When euro coins and notes are introduced on 1 January 2002, consumers will start to use the euro frequently, and how are we then to explain that there are differences in its use, even though there is one currency and one euro area?
The idea that transfers in two participating euro area countries will no longer be considered as an international transaction incurring international costs but as a national transfer, will need to become universally accepted.
The high bank charges involved in the completion of the internal market constitute a barrier. Consumers are discouraged from shopping internationally. For example, they will not subscribe to a foreign magazine if the international charges amount to double the price of the magazine because of the high bank charges. In the free movement of capital involving the single currency, there should not be any restrictions or huge discrepancies. The objective must be to establish one single payment area, where cross-border payments are subject to the same conditions and accompanied by the same costs as domestic transactions.
That, in our eyes, is the only possible and logical consequence of the internal market and a single currency. The free movement of people in the euro area requires a flexible labour market. If there are still payment commitments with the home country, this should not prevent people from working abroad. It is a fact that banks throughout the euro area took a reserved stance before the implementation of the Directive on cross-border retail payments. Following implementation, a large proportion of the problems also remained unsolved. Now that the switch-over is drawing ever closer, it really is time for action, by banks and Member States alike. Banks must commit to implementing the existing standards for account numbering and payment instructions.
In this age of modern technology, the electronic highway could offer a way-out. Maybe, in fact most probably, the time has come for an Internet bank to be set up which does not charge any costs."@en1
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