EC praises international payments scheme

Money transfers to Europe may be better protected from the effects of the recession thanks to a new partnership, it has emerged.

The European Commission (EC) recently stepped forward to praise the Vienna Initiative, which sees various continental banks and institutions making international payments to countries such as Latvia, Romania and Hungary.

In addition, the International Monetary Fund and the European Union have submitted €52 billion (£47 billion) to the scheme in an attempt to stimulate the economies of Eastern Europe.

Following a meeting of the initiative's members, the EC expressed its support of the project, which it states has had a positive impact on the fiscal outlook of the countries involved.

"The participants expressed satisfaction over the positive role that the European Bank Coordination Initiative has played in averting a systemic crisis in the region in the past year," said the EC.

In other news, the EC recently revealed it intends to offer financial support to Poland's banks to strengthen the country's economy.

Click here to make an International Money Transfer.

By Linsey Summers