Banks and Consumers

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BANKS AND CONSUMERS having to conduct transactions in cash, trickier wage or salary payments or even trouble getting a job in the first place. The banking industry supports the Commission’s target of giving every citizen access to a basic account. However, particularly in view of the national solutions already successfully adopted in practice in some EU member states to ensure access to an account – take, for instance, the GBIC “Current Account for Everyone” recommendation in Germany (see in this connection page 56) – there is no need for action by European lawmakers. In this area, too, the rule should be that any deficits or failings in some EU member states do not justify a need for action at European level. Instead, it is up to member states to remedy the situation themselves. 78
BANKENVERBAND 2 The European home market: integration of European retail markets Both for consumers and banks, national borders still constitute barriers. “Natural” barriers to a single European financial market are, firstly, differences in language and mentality. These are of minor importance, however, because even if only 10% of EU citizens conducted banking transactions across borders, a market of around 50 million customers would result. Far more significant are the “artificial barriers” that remain in place, i.e. the differences between national legal regimes – particularly in the area of consumer and investor protection – which continue to hinder cross-border banking and financial services. For the private commercial banks, there is no question that an integrated European retail banking market would bring benefits for both consumers and providers. Consumers would receive a greater choice of products at lower prices. In addition, market integration would enable banks to achieve economies of scale if they could offer their products not only on their home market but also across the entire single European market. These economies of scale would allow them to offer their services more cheaply. The break-even point for innovations would be lowered. Against this backdrop, the private commercial banks in Germany support the European Commission’s initiative of driving forward the further integration of the European retail banking market. In particular, the legal barriers to the smooth functioning of the single European market identified in the area of consumer and investor protection need to be removed appropriately – a task that will take time. The following section outlines the requirements that a forwardlooking consumer policy, i.e. a policy geared to further integration of the retail banking market, should satisfy. 79
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BANKS AND CONSUMERS The comprehensi
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Contents I Banks and consumers - a
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BANKENVERBAND lasting business rela
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BANKENVERBAND THE ECONOMIC IMPORTAN
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BANKENVERBAND customers. Some clien
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BANKENVERBAND financial services ar
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BANKS AND CONSUMERS III Consumer po
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BANKS AND CONSUMERS CERTIFICATES Ce
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BANKS AND CONSUMERS which the recom
Page 28 and 29: BANKS AND CONSUMERS 3 Partners for
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Page 34 and 35: BANKS AND CONSUMERS 2009 The Single
Page 37 and 38: BANKENVERBAND IV The private commer
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Page 49 and 50: BANKENVERBAND EUROPEAN STANDARDISED
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