Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-03-13-Speech-2-252"
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"en.20010313.16.2-252"2
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". – I wish to begin by thanking the honourable Member for his question. The Commission shares his concerns. It is our political goal to have the fees of cross-border and domestic transfers converge so that it will be no more expensive to transfer money abroad than to transfer it within the borders of a single country.
This statement and objective has been repeated by the Commission on numerous occasions. For example, in the communication entitled "Retail payments in the internal market" of January 2000; in my reply to Parliament on the Peijs report of 26 October 2000; and further in the Commission's round table conference entitled "Establishing a single payment area" of 9 November 2000.
I should like to stress that it is intolerable in a single-currency zone that charges for cross-border transfers exceed those for domestic transfers by several orders of magnitude. However, the determination of charges and fees should be left to competition and market forces: European legislation should not aim at price regulation.
The introduction of the euro has only limited effects on transfer costs. The reason is that the convergent costs of currency are only one element of the total transfer costs. In fact, the currency convergence costs represent about 20% of the total. The remainder – the other 80% – of the persisting high fees for cross-border transfers are mainly due to insufficient automation and standardisation. There the Commission supports, and indeed promotes, the initiative aimed at changing and improving the present situation.
The Commission will continue to monitor the situation and keep pressure on the EU banks for the establishment of more efficient cross-border retail payment systems."@en1
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