Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-01-15-Speech-2-070"

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"Mr President, Commissioner, I believe we must see this through so that consumers and banks know what will and will not apply to them in future. I believe the compromise which we developed last week and which the Liberals have now endorsed too is a thoroughly reasonable one and that we have come up with a common solution which is tenable and consumer-friendly. That is the main thing. If I may take issue with Mr Schwab, first of all the form is not ten pages long, and secondly I consider it a very good thing that we have a common form in which the consumer must be told clearly and transparently the total amount of the credit, the term of the agreement, the rules governing the right of withdrawal and the applicable annual percentage rate, which might then be calculated on the same common basis in all Member States. That is transparency, and this transparency is what we need and what is at stake in tomorrow’s vote on the proposal contained in amendment 46. I hope we can ensure that transparency really does win the day. Forgive my saying so, but while the rapporteur has unquestionably worked hard, my group cannot condone this Parliament of ours being railroaded into a situation in which the Council suddenly appears to be consumer-friendlier than the European Parliament. My group regards this purely and simply as an unacceptable state of affairs, which is why we must ensure that a fair balance is struck between the natural right of the banks to do business – a normal feature of any market economy – and the need to protect consumers by ensuring that they are given the information they need to choose the right form of credit and reject unfavourable options. That is the way to go, and that is what we should adopt tomorrow."@en1

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