BRUSSELS (AFX) - EU Competition Commissioner Neelie Kroes vowed to crack down on excessive credit card charges, warning that the commission will force banks to cut them back if the industry fails to present its own proposals within the coming weeks. 'Banks are making too much profit... (and) if there is a need for competition enforcement (to bring the charges down) then we will act, no doubt about it,' Kroes told a news conference.
Earlier, the commission issued a preliminary review that concluded that the EU payment card industry is too confined to national markets, generating huge discrepancies in customer charges from country to country. Making cross-border payments as easy as domestic payments could save the EU economy between 50-100 bln eur per year
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