EU lawmakers underline the importance of efforts aimed at increasing levels of financial literacy among EU citizens, depicting financial education as a ‘never-ending task’ requiring the attention of public authorities, consumers and industry alike.
Following the conference on financial capability held last week at the European Parliament, Eurofinas, the voice of specialised consumer credit providers at European level, welcomes European Commission and MEP recognition of the importance of financial education.
This is because levels of consumer over-indebtedness may be reduced if consumers are given the opportunity to learn basic financial skills, as further explained in Eurofinas' recentpublication on financial education.
The conference on financial capability was organised against the background of ongoing discussions in Brussels between regulators, industry and consumer groups on responsible lending and borrowing.
When discussing whether responsible lending and borrowing requires a European legislative framework, conference Chairman U. Filotto of Tor Vergata University, Rome cautioned against over-regulation. “The Consumer Credit Directive is currently being implemented across Europe and its provisions already clearly facilitate responsible lending. The business case for further legislative change as regards consumer credit products has not yet been made.”
Eurofinas Director General T. van de Werve agrees: “Together with prominent members of the European Parliament, we feel that the European Commission should wait for the Consumer Credit Directive to be transposed, implemented and duly tested before taking any further steps in the field of consumer credit.”
© Eurofinas
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