The European Commission has announced it will be holding an inquiry on financial services...
The European Commission has announced it will be holding an inquiry on financial services in the European Union in the areas of retail banking and business insurance.
The inquiries will examine whether competition is working in these markets and whether markets are competitive enough to deliver their full benefits to consumers.
Better functioning financial markets are a necessary requirement for reaching the EU's Lisbon agenda goals for economic growth, the Commission said.
The investigation will begin with retail banking, specifically payment cards, with inquiries into other aspects of retail banking and business insurance to follow later in 2005.
Competition Commissioner Neelie Kroes said: “These inquiries are an important first step in allowing the Commission to identify ways to improve competition in EU financial markets and thus increase the competitiveness of the EU economy.”
