Kroes Puts Banks, Card Issuers On Notice

Law360, New York (July 17, 2006, 12:00 AM EDT) -- European Commission Chief Neelie Kroes put payment card companies and retail banks on notice on Monday to put an end to anti-competitive behavior or face corrective actions by the Commission.

“Our investigations into the payment cards sector suggest that problems in the market result from anti-competitive behavior by market players,” Kroes said. “We are not waiting, and I suggest that payment cards companies do not wait either.”

In a public hearing on Monday in Brussels, Kroes discussed the preliminary findings of the E.C.’s sector inquiry into...
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