Brussels, 18/05/2001 (Agence Europe) - The European Commission has confirmed that it was informed two weeks ago of a project by the European Banking Federation with a view to creating a multilateral interbank committee intended to reduce the price of cross-border transfers in Europe. The committee would fix at maximum three euros the commission that banks can pay among themselves during cross-border operations, thus reducing the total costs charged to the client to 10-12 euros as opposed to 17 euros at the present time. Amelia Torres, spokesperson for Commissioner Monti, declared that the Commission awaited official notification of this project announced for end May before giving its opinion on its content. She nonetheless stressed that the Commission was particularly in favour of any effort made by banks to decrease the price of cross-border payments. Jonathan Faull, Commission spokesman, added that the Commission expects competition will come fully into play in the euro zone so that the customers may choose the most attractive offer. He does not rule out other measures if necessary to regulate the sector.
Commissioner David Byrne, responsible for consumer policy, expressed indignation about the charges imposed. He said it is unbelievable that, with the sophisticated telematic means present everywhere in Europe today, the EU consumer is still charged an average of 17 euros. He was speaking in Berlin on Friday.