Visa has said that it will appeal a fine imposed by the EU for refusing to admit Morgan Stanley to its payment system in Britain. The Commission argued that the move was "unjustified and discriminatory". EU anti-trust chief Neelie Kroes said that the decision would give a "clear signal" that the Commission will take a tough line to ensure competition in the payments sector.
From 1 July 2002, the cost of euro cash withdrawals in other Member States should be the same as in the home Member State as the Regulation on cross-border payments in euros enters into force.
The European Parliament on 13 December adopted, without amendments, the Regulation that states that charges for transactions in euros within the EU should be the same across borders as within a single Member State.
The European Commission decided to fine five German banks a total of 100,8 million euro for allegedly fixing the charges for the exchange of euro-zone currencies.
The Parliament voted that charges for transactions in euros within the EU should be the same across borders as within a single Member State. The Commission agrees with the Parliament's three amendments.
According to a new study conducted for the Commission, banks and credit institutions in the EU still charge excessive fees for cross-border credit transfers within the EU. The European Banking Federation says that its research shows results contrary to those of the Commission.
