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Millions of Europeans face an increased risk of social exclusion through lack of access to basic financial services, according to a new Commission study. It reveals that 2 in 10 adults in EU-15 and almost half in EU-10 (47%) do not have a bank account while many more have no savings and lack access to credit.
The initiative follows the Single Market Review of November 2007, where the Commission announced its intention to ensure that, by a certain date, nobody is denied access to a basic bank account.
The study on "Financial services provision and prevention of financial inclusion" provides data on the levels, causes and consequences of financial exclusion in the Member States. It also describes the diversity of policy responses developed in 14 different Member States in the field of transaction banking services, credit and savings. Finally, it proposes a series of potential policy responses.
Full study (not yet available)