E.U. Credit Card Industry Not Yet Competitive: Report

Law360, New York (April 13, 2006, 12:00 AM EDT) -- A wide-scale inquiry into the credit card industry in the European Union has revealed that businesses and consumers do not yet benefit from a fully competitive internal market, according to a preliminary report released this week by the European Commission.

The report, which stems from an ongoing investigation into banking practices in the E.U., highlights the exorbitant fees charged by credit card companies and other electronic payment systems and the dearth of competition among companies that handle electronic payments.

“The payment cards industry in Europe remains...
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