The European Central Bank (ECB) today launched a report entitled designed to implement a modern payment system for credit transfers in the euro currency.
‘Towards an integrated for credit transfers in euro’ was produced in response to a request from the ECOFIN financial think tank made at its meeting in Liege two months ago.
The report aims to lead to lower bank charges by seeking to remove obstacles which they say are the "origin of high costs of retail cross-border credit transfers".
The statement from the ECB says that "Given the need to bring prices of cross-border credit transfers to the level of domestic ones, this report suggests a ‘road map’ to which the banking sector should commit in order to achieve this goal on a sound economic basis by the end of 2004".
