Speeking before the EP’s Economic and Monetary Affairs Committee Commissioner Kroes lined out the developments in competition policy concentrating on the energy and financial services sector inquiries.
With regard to retail banking financial services sector inquiry stated that competition “is too often impeded by access barriers. Co-operation between banks may also be leading to an alignment of prices and selling patterns. And the fee structures and governance arrangements in some payment card networks and payment systems are a clear cause for concern.”
“We are now looking further at the compatibility of individual practices with our competition rules, working in full cooperation with the National Competition Authorities”, she said. ECON is considering an own-initiative report on the inquiry.
“Initial findings on the insurance sector inquiry show high underwriting profitability in the SME segment, foreclosure risks because of long-term insurance contracts and some networks of exclusive agents and, quite astonishing variations in the degree of horizontal co-operation”, Kroes lined out. The final report is due in September.
Full speech
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