Brussels, 19/10/2004 (Agence Europe) - The European Commission has decided to refer Austria to the European Court of Justice because it makes it an obligation for banks' liquidity reserves in the savings and cooperative bank sector to be held by a common central institution ("Zentralinstitut"). The Commission considers this is unjustified restriction on the free movement of capital.
In a press release, it explains that Member States have the legal duty to ensure that banks have sufficient...