CEPS working document on Integration of the EU Consumer Credit Market

15 November 2004

The Centre for European Policy Studies (CEPS) released a working document on future regulation of the EU consumer credit market proposing a more efficient regulatory model and recommends applying comitology procedures in this area.

To overcome the legal diversity in the field of consumer credit, said to be one of the obstacles to market integration in the EU, Lamfalussy-like comitology procedures as applied in the financial services sector to achieve an integrated market, would radically improve the regulatory process for consumer credit.

A procedure based on comitology can follow either the total or minimum harmonisation approach. It would also allow the identification of a wider range of obstacles to cross-border lending. Finally, the dialogue among the national authorities would be enhanced towards achieving a convergence in the regulation applicable to the business of consumer lending.

Document

© CEPS - Centre for European Policy Studies