The European Commission yesterday stepped up pressure on banks to cut the cost of cross-border retail payments in the European Union, outlining plans to name and shame high chargers on the Internet.
The Commission, arguing it was essential that costs come down before the physical introduction of the euro in 2002, said it would toughen existing legislation if banks failed to comply.
The Commission fears support for the euro will falter if consumers fail to see charges drop when making purchases abroad. It has already raided several banks it suspects may have used cartel-like practices to keep charges high.
The statement said it currently cost €5 to €20 to make a cross-border payment of €100 when charges on similar domestic payments were usually less than €1.
The Commission said it would also start monitoring the level of charges "and publish its findings on the Internet every six months". The first publication could be in May, one official said.
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