EUROPEAN COMMISSION DAILY NEWS – 30 OCTOBER

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EUROPEAN COMMISSION DAILY NEWS - 30 OCTOBER
30 Oct 2018

EUROPEAN COMMISSION DAILY NEWS – 30 OCTOBER

Brussels Daily

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New EU rules bring more transparency and information on bank fees for consumers

As of tomorrow, banks and financial services providers across the EU will have to better inform their customers about the fees associated with opening and maintaining bank accounts thanks to new EU rules. Valdis Dombrovskis, Vice-President for the Euro and Social Dialogue, also in charge of Financial Stability, Financial Services and Capital Markets Union, said “Bank accounts are an essential part of everyday life, allowing us to make and receive payments, shop online, and pay our bills. Thanks to the Payment Accounts Directive, consumers have the right since 2016 to open a basic bank account anywhere in the EU, as well as switching to a new provider. With tomorrow’s new rules, we will increase transparency of fees for all consumers. This will make it easier to shop around for the best and cheapest offers from banks.” Commissioner Věra Jourová added “Recent figures show that consumer trust in banking services is low due to a lack of transparency. These new rules will make sure that banks’ offers are more transparent and clearer on fees. This is good news for consumers: it will not only make it easier for them to get an overview of the fees, but they will also be able to compare different offers”. The ‘Fee Information Document’ (FID) is a standardised document with a short summary presenting the fees related to most common services, such as money transfers, that a bank will provide customers with when they open a bank account (see document here). In addition, EU consumers will also be receiving – at least annually and free of charge – a ‘Statement of Fees’, an information document following the same standardised format. In this document, banks have to detail all expenses incurred by their customers as well as information regarding the interest rates for services linked to a bank account. The Payment Accounts Directive requires all banks in the EU to present this document as of 31 October 2018, except France and Italy, which already have similar information requirements in place and will implement these changes by the end of July 2019. More information on the new obligations is available on the Access to bank accounts page. The 2018 Consumer Markets Scoreboard, presenting consumer trust in different markets, is also available online.

Preliminary flash estimate for the third quarter of 2018 – GDP up by 0.2% in the euro area and by 0.3% the EU28 – +1.7% and +1.9% respectively compared with the third quarter of 2017

Seasonally adjusted GDP rose by 0.2% in the euro area (EA19) and by 0.3% in the EU28 during the third quarter of 2018, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union. In the second quarter of 2018, GDP had grown by 0.4% in the euro area and by 0.5% the EU28. More information here

 

The Commission is standing up for Europeans’ need to breathe clean air.

The Commission is providing national, regional and local actors with practical help to improve air quality in Europe, and stepping up its enforcement against 7 Member States who have breached agreed EU rules on air pollution limits and type approval for cars.

Commissioner for Environment, Karmenu Vella said: “The decision to refer Member States to the Court of Justice of the EU has been taken on behalf of Europeans. We have said that this Commission is one that protects. Our decision follows through on that claim. The Member States referred to the Court today have received sufficient ‘last chances’ over the last decade to improve the situation. It is my conviction that today’s decision will lead to improvements for citizens on a much quicker timescale. But legal action alone will not solve the problem. That is why we are outlining the practical help that the Commission can provide to the national authorities’ efforts to promote cleaner air for European cities and towns.” More information here

 

Information in full here

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