Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-04-20-Speech-2-185"
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"en.20040420.7.2-185"2
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"Mr President, I would like to congratulate the rapporteur, Mr Wuermeling, for having done a fantastic job in turning a disastrous Commission proposal into something that still has some problems but is considerably improved.
It is vital to remember that we must not produce a proposal that undermines access to credit. The Commission's proposal would have denied the less advantaged and lower- income groups from access to credit. It would have meant a huge amount of inconvenience for consumers. For example, many consumers in Europe have credit cards, and some have two, three or four. Under the Commission proposal they would have to resign their contracts for each of these credit cards. They would have faced a lot of red tape when their credit limit changed. They would have faced even more red tape if they wanted to be overdrawn for a day or so. If they wanted to buy a fridge or a TV on credit, they would have had to leave it in the shop for two weeks before they could take it home. There were bizarre proposals from the Commission on the destruction of data that would have inhibited the law enforcement authorities in the fight against fraud and financial crime.
Many of these problems have been solved by our amendments, and I would appeal to the Council to accept those amendments adopted today. There are still some problems with overdrafts and credit intermediaries, but Parliament can claim credit for achieving significant improvements to this proposal which I hope will be accepted in the final directive when it is agreed in the next Parliament."@en1
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