Central Banking

EU agrees cross-border payment plan

EU finance ministers on Tuesday 27 March agreed a plan to make cross-border payments more efficient throughout the 27-nation bloc and set new rules to limit political interference in banking takeovers.

"There will be enormous savings for people," said German Finance Minister Steinbrueck who led the ministers' talks.

EU Internal Market Commissioner Charlie McCreevy, who put the original draft forward, said people would be able to send euros by direct debit or bank transfer from their own account