Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-303-000"
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"en.20121120.28.2-303-000"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. The increase in cross-border take-up of consumer credit would seem to have been insignificant, however. This may be because only a very few financial institutions offer cross-border consumer credit and because the market as a whole has been in decline in recent years, as a result of the financial crisis. What is more, obstacles to the take-up of cross-border consumer credit are more likely to be linked to the language barrier or to the lack of any personal relationship with the financial institution concerned than to legal considerations. The Commission should now review the way the directive has been transposed and urge the Member States to apply it correctly. Stakeholders should then be given time to get used to the new rules and gain experience of the way they are applied. Thereafter a detailed assessment should be carried out of the legal and practical impact of the directive and, on that basis, consideration given to what, if any, amendments are required."@en1
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