Brussels, 20/03/2014 (Agence Europe) - Any European Union passport-holder will be entitled to open a basic bank account, following inter-institutional agreement reached on Thursday 20 March.
A basic bank account can be opened in any EU country irrespective of where the consumer resides or his/her financial situation, and this will enable everyone to carry out their daily business, like paying a bill or receiving a salary.
Measures have been introduced to make bank charges more comparable and transparent, and to make it easier to open and close bank accounts. The procedures for switching bank accounts in the EU will also be simplified.
Delighted with the agreement, EU Internal Market Commissioner Michel Barnier (who had drafted the proposed directive) said that the agreement would make it possible for every European passport-holder to play a full part in society and benefit from the advantages of the single market. (MD)