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.When one looks at that, I think there is a difficulty anyway in conveying the idea of APR to consumers, but what is the ... The UK credit card companies have recently introduced summary boxes for credit cards which set out key financialanbsp;...


Title:Proposed EU Consumer-credit Harmonisation Directive
Author: Great Britain. Parliament. House of Lords. European Union Committee
Publisher:The Stationery Office - 2005-01-01
ISBN-13:

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