The European Commission’s proposals to limit transfer costs to non-euro members and currency conversions abroad were welcomed by consumer and transparency activists, although NGOs complained that it would not benefit migrants’ remittances.
MasterCard is provisionally repealing the cross-border interchange fees it charges on all transactions made in Europe with credit or debit cards in a bid to comply with a Commission deadline of 21 June. But it will continue to look for a fee scheme that complies with EU rules.
The Council is to decide on the legal framework for setting up an integrated market for payment services in the eurozone by 2010. A study suggests, however, that not all banks are ready for implementation.