The Council held a policy debate on the Consumer Credit Directive. Although a large majority of Member States supported the full harmonisation approach as proposed by the Commission they expressed some doubts on the mutual recognition clause.
The European Parliament first-reading opinion was adopted in April 20045 and the Commission presented a modified proposal in October 2005. The modified proposal is based on a full harmonisation approach but also leaves a certain degree of leeway in national implementation of a restricted number of provisions, taking into account existing heterogeneity as regards national markets or national legislation and the principles of better regulation.
Discussion will now continue in Working Groups and Coreper levels.
A common position is expected by the end of 2006.
Council press release
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