Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-02-13-Speech-2-192"
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"en.20070213.17.2-192"2
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"As I said in my reply, we are aware of the concerns about the level of interest rates charged in Greece and have responded to several written questions on this subject. But the definition of retail interest rates is mainly a matter for financial institutions and it is not as such the subject of EU rules and regulations.
However, as explained in earlier responses, we have undertaken a series of initiatives that could have an impact on the level of retail interest rates in Europe, including initiatives on mortgage credit and consumer credit. In June 2005 we also launched sector-specific competition inquiries in the areas of business insurance and retail banking.
Yes, it is known to us that the level of interest rates charged in Greece are very high, but we do not have particular responsibility to make any change in that, nor is it likely that the Union will have responsibility in this area in the future. In other Member States where the winds of competition have blown, the interest rate charged to consumers has come down dramatically. I have personal experience in this regard from my home Member State. When a retail financial institution from another Member State announced that it was coming to set up shop in the Member State I know best, interest rates contracted overnight."@en1
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