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– Commitment according to the State: a volatile vision |
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State interventionism and its implications
From November 1, 2007, the closure of a current account and a savings account will be done without any cost for the customer, wrote Wednesday “L’Echo”, referring to the law of May 15, 2007 relating to certain services banking and published Tuesday in the Belgian Official Gazette. If the text only comes into force in five months, “the number of banks which still charge fees for this type of operation is marginal”, estimates Febelfin, the Belgian federation of the financial sector. The law also stipulates that the financial institution will pay, free of charge, to its future ex-client, the account balance along with the interest due. He will also be required to reimburse the management fees paid on an annual basis in proportion to the number of months remaining to be covered. (Belga, 06/06/2007)
Yet another example of the depth of the state problem in our countries with all its consequences: administrative complexity, weakness of initiative, slow growth, increased inability of society to organize itself… Of course, bank customers can in the short term become happy to see them being required to close accounts free of charge, although, in practice, it does not seem that many banks are concerned. That said, thinking further, it is not up to the State to go so far and cast such details in the bronze of a law. It is up to the consumer to regroup, to organize themselves as adults, to put pressure on the banks, to bring in competition… this is a matter of market forces. Furthermore, we can see that the legislator wanted to encourage the mobility of customers from one bank to another. But it also encourages, in this area or in others, less thoughtful choices, less restrictive commitments, more volatile behavior. However, it is exactly the opposite that our society needs… The most essential law would undoubtedly be an organic law clearly outlining the limits of government intervention and specifying the exclusive areas of competence of civil society.
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