Channel News

In September 2002, the commission published proposals for a revised directive on credit for consumers. The purpose of the directive is to harmonize the laws, regulations and administrative provisions of member states concerning credit for consumers. Almost as soon as it was published, the text of the draft directive drew considerable criticism, not only from member states, but also from the rapporteur appointed to steer it through the parliamentary process. The rapporteur, Mr Joachim Würmeling – announced his reservations about aspects of the proposals, pointing out that it was not the place of the European Parliament to make credit more difficult or expensive for consumers to obtain.