Concerning consumer protection, she remarked that for each cartel case discovered, five more cartels have not been caught. This means that the damage to consumers is even higher than with the acknowledged ones. Fines are therefore required to prevent others doing the same. That said, fines never exceed 10 % of company turnover.

She highlighted the importance of competition in economic growth; it protects consumers, investors and tax payers. State aid given to the financial sector was a special case, as it was a key in the sustainability of the whole economic system. However, we still have not reached the end of the crisis and carefully controlled policy implementation has to be put in place.

ECON committee Chairwoman Sharon Bowles (ALDE/UK) raised the issue of the European Parliament’s role in competition policy. Ms Kroes wants the EP to be involved and the Commission is actively considering an EP resolution on the Commission white paper on the subject of private enforcement.

Corien Wortmann-Kool (EPP, NL) questioned the rationale behind the ING dossier. The European Commission accepted the aid temporarily and there are strong doubts on whether the valuation of the portfolio is really accurate. The Commissioner agreed that there was a need to look at it carefully.

Sven Giegold (Greens/ DE) disagreed with Commissioner Kroes’ assertion that the German banking three-pillar system is obsolete. He argued that it is contradictory to ask for more competition and at the same time punish the community and savings banks. The big banks have received lots of money while community and savings banks have received none at all. Ms Kroes responded by saying that competition policy is not concerned with who owns a bank. Looking at the past anti-trust activities arises when the savings banks were agreeing prices and costs.