CONSUMERS : CONSUMER CREDIT AGREEMENT RECEIVES FURTHER CRITICISM.

Europe Environment, June, 2007

Meglena Kuneva, the EU commissioner for consumer protection, has inscribed the political agreement released to the Competitiveness Council of 21 May on the harmonisation of consumer credit in a broader effort to stimulate the cross-border market for retail financial services. But the draft directive still has a long way to go since the European Parliament must come to a decision in second reading, undoubtedly before the end of the year, before the text is transposed, two years later, into national laws.

The EP's rapporteur, Kurt Lechner (EPP-ED, Germany), is now seriously questioning the impact of the directive on consumer loans abroad, which represent less than 1% of total transactions. As for the professionals in the sector, they have also voiced their...

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