Proposed EU Consumer-credit Harmonisation Directive

Proposed EU Consumer-credit Harmonisation Directive

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The European Commission proposes to establish, through a directive, the legal conditions to create a single EU-wide market in consumer credit. This interim report details the emerging issues: (1) whether it is currently feasible or desirable to create such a single cross-border market; (2) what would be the consequences of imposing maximum (or total) harmonization which might forbid member states from introducing legal provision other than those in the directive; (3) whether it would be better to introduce appropriate EU-wide minimum standards for consumer credit transactions, to give greater certainty for credit suppliers and improved protection for EU consumers. The Committee doubts whether a single market can easily be created, and seriously questions the Commission's proposal on maximum harmonization. The alternative approach, setting minimum standards, is supported, and the Committee lists elements which might be incorporated into new EU-wide legislation.Right now in the UKa€”and it is catching on in Europea€”there is a practice called risk pricing whereby consumers are priced ... Recently, I was stopped in a well known store, John Lewis, and asked whether I wanted one of their new credit cards.

Title:Proposed EU Consumer-credit Harmonisation Directive
Publisher:The Stationery Office - 2005-01-01


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