Council position on Consumer Credit

19 May 2003

The Council expressed a generally favourable view on the proposal. It recognised that, following the development of new credit instruments and activities, a reform is important in terms of an effective consumer protection and functioning of the internal market.

In order to establish guidance for future work on this file, the Member States clarified their positions on key issues such as:

the objective of a total harmonisation, as proposed by the Commission, in relation to provisions allowing a certain degree of flexibility for Member States;

the forms of credit falling within the scope of the Directive, notably as refers to mortgage credit;

conditions of coverage of creditors and credit intermediaries, such as registration requirements and possible controls.

Council meeting COMPETITIVENESS

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