Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-10-26-Speech-4-167"
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"en.20001026.7.4-167"2
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"I voted in favour of the report, despite the fact that I did not get a number of amendments through, because it also concerns the excessively high exchange and transfer costs in the euro area.
On 4 July, the Commission issued a warning to banks in Belgium, Finland, Portugal and Ireland on account of anti-competitive practices in connection with their exchange charges for currencies in the euro area. It sent statements of objections to nearly 120 banks and banking associations. The banks were given until the beginning of October to reply, but at the same time it was made clear to them that the Commission would severely punish agreements to fix charges, which would stand in the way of introducing the euro notes and coins and harm the consumer.
Since 1 January 1999, exchange rates have been irrevocably fixed. It is understandable that the public is disappointed about the continuing high charges, because since this time the banks have no longer been faced with exchange-related risks.
These charges still exist, both for exchanging cash and for making cross-border payments. In light of the fact that we are now living in a single market with a single currency, it is unacceptable that these excessive charges should continue to exist.
This continuing state of affairs could have an adverse effect on the public's attitude towards the euro and its acceptance of it. If the banks do not cooperate and continue to levy high charges in the euro area, there is a grave danger that consumers will call into question the point and purpose of the euro.
I would call on the banks to adopt the standards developed by the European Committee for Banking Standards (ECBS) as soon as possible, because these will allow cross-border payment instructions to be forwarded directly and automatically between banks.
A survey in the 11 countries of the euro area has shown that consumers still have to pay costs of an average of EUR 17.10 to transfer EUR 100 between Member States. This intolerable state of affairs must be brought to an end as soon as possible.
Banks and credit institutions need to do far more to reduce the costs of transferring small amounts between the Member States. I would make a firm plea for transfers to be made less expensive, more efficient and more reliable."@en1
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