"We firmly believe that any future European policy in the field of consumer protection should be based on uniform guiding principles, referring to actual as opposed to perceived needs of consumers, in order to overcome diverging national rules, said Guido Ravoet, Secretary General of the EBF."
Integration will generate cost efficiency through improved competition, which will above all benefit consumers. Integration is only possible if legal and regulatory obstacles are removed, particularly in the field of inadequate harmonisation of consumer protection laws. To ensure the removal of these obstacles, avoid anti-competitive national measures and create a real level playing field for all banks, the EBF favours full targeted harmonisation, i.e. the full harmonisation of key provisions which would facilitate further integration, and only of those.
The EBF also wishes that priority be given to market driven solutions, recognising the merits of self–regulation and allowing banks to offer the best-adapted products to match consumer needs and requirements at local level, rather than suggesting a degree of standardisation of retail banking products.
"While we do have specific comments, added Ravoet, we are generally supportive of the objectives set out by the Commission in its Green Paper on retail financial services. Reaching a satisfactory degree of integration should help deliver economic and social benefits in line with the Lisbon strategy and also increase the international competitiveness of EU markets."
