Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-01-15-Speech-2-065"

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"I support the need to update EU legislation in this area. The last time we had a directive on this was in 1987, and certainly the consumer credit market has changed dramatically since then. This EU Directive on Consumer Credit Loans seeks to introduce a greater level of competition into the EUR 800 billion consumer credit market. It will bring legal certainty to consumers, which is absolutely vital if people are to shop around and look for the best product which suits their needs. It will also help business to compete. When you look at the differences in consumer credit rates around Europe – from 6% in some countries up to 12% in others – it surely is time that the consumer got a better choice. These new rules will make the market more transparent for consumers and business competitors alike. The main effect of this Directive will be to provide comparable and standard information to consumers across the EU who take out loans. For credit offers, the information given to consumers, whether it is interest rates, numbers and frequency of payments, must be set out in a new EU-wide European credit information form. So I very much welcome this. I think that it is vital for consumers that they have confidence and that there is legal certainty in this area, but I believe that this will bring greater competition in this area and will, at the end of the day – as has already been pointed out – give more choice to consumers, and that the consumers will benefit greatly from this Directive."@en1

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