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Eurofinas, the European Federation representing the national associations of consumer credit providers, claims that a certain number of key topics the adopted Directive falls short from fully harmonizing the rules existing at national level by allowing Member States to either keep their existing regime or adopt more stringent requirements. Regulatory fragmentation will therefore persist.
“From a single market perspective, the result is disappointing”, Eurofinas’ Director General Tanguy van de Werve commented. “This is a good example of the difficulty of the whole European project with Members States desperate to keep some room for manoeuvre for themselves and extremely reluctant to the idea of fully harmonizing consumer protection rules across the EU”, Van de Werve added. “This is a political reality that needs to change.”