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Petr Ježek
Born in Prague in 1965. A graduate of Prague’s University of Economics, Petr Ježek joined his country’s Ministry of Foreign Affairs and served as a diplomat. For some ten years, he held relatively high posts related to the country’s ties with the EU, e.g. heading the Foreign Ministry’s European Integration Department and serving as Deputy State Secretary for European Affairs. He also worked as chief of staff of then Czech Prime Minister Vladimír Špidla. In 2014, Petr Ježek was elected Member of the European Parliament on the ballot of the ANO 2011 party.
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The European Parliament on Tuesday voted by overwhelming majority to cap transaction fees charged by banks to retailers to process sales by card. The cap will be 0.2% on debit cards and 0.3% on credit cards.
The expected savings for consumers across Europe is expected to be in the region of €700m. With fees in the Czech Republic currently among the highest in Europe (up to 1.6%), Czech citizens can expect to benefit greatly from the new regulation.
The approved regulation includes additions measures to improve the transparency of fees charged by card companies, with payees being provided with clear information about the rates payable on transactions carried out by card.
“This is good news for consumers in the Czech Republic and in Europe. My expectation is that this will lead to a reduction in cost of goods in shops and online. I welcome the further transparency of transaction fees which will ensure that card companies cannot get away with charging exorbitant amounts for the processing of payments,“ says Petr Ježek, a member of the EP’s Economic and Monetary Affairs Committee (ECON).
The cap on transaction fees will be applied six months after the regulation enters into force.