No 9 (October 97/Octobre 97/Oktober 97)

The Commission has recently set up a new expert consultative group on banking and conversion charges in relation to the changeover to the euro. The Banking and Conversion Charges Group is one of five expert consultative groups on practical aspects of the changeover to the euro which Commission services decided to set up following the euro Round Table in Brussels in May. The terms of reference of the Group are to examine the approach which banks and other financial institutions propose to take to charging for conversion, to consider the need for legislation or voluntary codes of practice and to analyse how the transparency of any conversion charges is to be achieved.
The Group consists of twelve recognised experts from ten different Member States. One half of the experts is drawn from banking and payment systems, and the other half from user groups, including consumers, small and medium-sized enterprises and large firms. A number of Commission services together with the European Monetary Institute are represented. European market associations which represent or have links to banks, consumers and enterprises have been requested to provide written contributions to the work of the Group and many have already done so.
The Group will also meet with a cross section of these market organisations. In addressing their terms of reference the Group will look in detail at accounts and payments (including payment cards, cheques and credit transfers) as well as banknotes and coin, both during the transitional period of 1999 to 2001 and the period immediately thereafter.

The Group met for the first time on 10 September and will meet fortnightly until 20 November, by which time a report from the Group will be finalised. The aim then is to report to the Commission's Inter-Service Group. The Commission would then present proposals to a further Round Table in March of next year, with decisions to be taken in May when the participating Member States are decided.

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