Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-300-750"
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"en.20121120.28.2-300-750"2
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".
The Consumer Credit Directive has two objectives: guaranteeing a high level of consumer protection and strengthening the internal market in cross-border consumer credit. There is no doubt that the definitive harmonisation of some key aspects of credit law has significantly raised the level of consumer protection in Europe. However, some Member States failed to transpose all or some of the provisions of the directive by the deadline set. The main reasons were the short deadline (two years) and the scale of the process. A large number of provisions had to be changed or introduced for the first time in a very wide variety of areas, including consumer protection, general rules governing credit and access to databases. These procedures are very complex and involve both national legislators and financial institutions. I think it would be appropriate in future to allow them more time, by setting a three-year transposition deadline. I also believe that the Commission should now review the way the directive has been transposed and urge the Member States to apply it correctly. Eventually it would be appropriate to assess in detail the legal and practical impact of the directive and, on that basis, give consideration as to what, if any, amendments are required."@en1
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