The EBF responded to the Commissions sector inquiry on retail banking criticizing the Report wrongly assumes that fragmentation is caused by a lack of competition. The EBF reiterates its conviction that the fragmentation in retail banking is due to cultural and legislative differences among the EU Member States.
EBF also remains convinced that further retail banking market integration can be reached by the removal of various legal and regulatory obstacles to the provision of cross-border retail banking services. “Above all, the main obstacles to the supply of cross-border retail banking stand in the non-harmonised regulations, namely on consumer protection and on tax”, said Guido Ravoet, EBF Secretary General.
© Graham Bishop
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