EU bank changes will save consumers €28bn

EU finance ministers have unanimously agreed banking changes estimated to save consumers and business at least€28 billion a year.

The changes, to be introduced by January 2009, will affect cross-border payments using credit and debit cards, electronic bank transfer and direct debits.

There are currently 27 different sets of rules that increase the cost of making cross-border payments by as much as 3% of GDP and make the transactions difficult.