The establishment of a common market is one of the fundamental goals of the Treaty of European Communities (art 2 EC). Anti-competitive behavior is forbidden in order to ensure that competition in the internal market is not distorted or negatively influenced (art 3 lit g EC) and to achieve a high degree of competitiveness and convergence of economic performance. The European competition rules support and complement the common market and play an essential role in integrating the market. In order to preserve this, in 2001 the European Commission applied a fine amounting to EUR 100.8 million to a group of five important banks from Germany, which have agreed to settle a commission of 3% for the currency exchange operations. The present paper discusses the implications of this decision from two important points of view: the infringement of competition law and the consequences related to Euro introduction.

banking system, common market, competition law, euro area, exchange rate