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Eurofinas’ Director General Tanguy van de Werve commented: “It was unanimously recognized that the text would not have achieved the objective of the original Commission’s proposal to create a single market for the provision of credit to consumers. In that context, passing the file over to the German Presidency was probably the best thing to do”.
This new setback evidences the difficulty to fully harmonize consumer protection legislation at EU level, Eurofinas states. It also highlights the tendency of Member States to favour a minimum harmonization approach which gives them the opportunity to add national requirements on top of the EU-wide harmonized rules.