Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-02-13-Speech-2-190"
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"en.20070213.17.2-190"2
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"First, I would like to thank the Honourable Member for drawing our attention to the retail banking problems which consumers in Greece are facing.
We are aware of the concerns about the level of interest rates charged in Greece and have responded to several written questions on the subject. In our answers, we have highlighted a series of initiatives that could have an impact on the level of retail interest rates in Europe. They include initiatives on mortgage credit and consumer credit as well as the competition sectoral inquiries launched in June 2005 in the areas of business insurance and retail banking. These initiatives, together with others presented in the White Paper on Financial Services Policy for 2005 to 2010, should improve the competition and efficiency of retail financial services markets and provide practical benefits for European consumers.
As to the honourable Member’s specific question, we support initiatives that encourage and promote transparency in European financial markets. Transparency is of particular importance for consumers, who need full and accurate information to be able to make an informed choice. In the competition area, the Commission names banks against which a decision concluding an anti-trust infringement is addressed. However, there are no European rules requiring the naming of banks which the Member States’ supervisory authorities have fined for unethical and illegal practices.
We will continue to monitor the level of interest rates as our initiatives on retail financial services progress to ensure that the benefits from integration provide practical benefits for European consumers."@en1
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