EU Probe Seeks Antitrust Action on Credit Card Fees

Published on:
30 January 2007 at 04:03 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00008547-eu-probe-seeks-antitrust-action-on-credit/

The European Union is stepping up and speaking out for the little man, alleging that 500 million consumers are getting a raw deal from banks and card companies.

The European Commission’s competition chief Neelie Kroes commissioned and launched the study into European retail banking markets in 2005. And she’s not pleased with the results.

The final outcome, to be published on Wednesday, shows that markets are fragmented along national lines with a wide variety of profit margins and prices among EU member states but not within countries, according to a draft obtained by Reuters.

"Antitrust enforcement may be able to address several of the competition issues identified in the sector inquiry," the report said.