"If the banks do not present us with a proposal for self-regulation to increase transparency, we will act through legislation". This is the proposal of Michel Barnier, Commissioner for the internal market of the European Union. "Transparency in the sector is still low - he added - Europeans do not understand what is withdrawn from their current account and the price difference for the same service is too high in the 27 EU countries".
The Commissioner had already proposed to credit institutions to draw up a code of conduct. This is why today they say "disappointed by the banks on the issue of transparency. If they don't do something by mid-September, we will take legislative action to increase transparency and homogeneity".
Last week Barnier had proposed to prohibit rating agencies from rating countries receiving international aid.
