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EC Statement: Commission recommends access to basic and affordable bank accounts for all citizens

( July 18, 2011, 09:30 GMT | Official Statement) -- MLex Summary: The European Commission has proposed a recommendation that national governments ensure banks make universally available a basic bank account including payment services at ‘reasonable’ cost within six months. The initiative aims to bring the region’s 30 million ‘unbanked’ people into the mainstream financial system. The commission says it may consider legislation – as it had originally planned – if it is unsatisfied with national action after a year.The following is the text of the statement, followed by a memorandum in question-and-answer format....

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