FBE response on Commission Green Paper on Financial Services

18 July 2005

The European Banking Federation (FBE) published its comments on the European Commission’s Green Paper on the Future of Financial Services Policy (2005-2010). The FBE urges the Commission to apply the commitment to a ‘better regulation’ rigorously, not only to possible future initiatives but also to those already in the pipeline as the draft proposal for a New Legal Framework for Payments in the Internal Market.

The FBE considers that full harmonisation of key retail banking elements is the most effective means of creating a genuine European internal market for retail banking services, to the benefit of consumers and businesses alike. As for bank accounts the FBE sees no need for legislative action in the field of portability and believes that the costs of any such action would outweigh its benefits by a considerable margin.

In terms of wholesale banking, the FBE sees consolidation in the field of securities as a priority, whereas well-targeted initiatives would prove more efficient in the field of retail banking and consumer-protection.

Green paper
Press release

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