Commission proposes harmonised rules for consumer credit 

Some of the main elements of the proposed directive on consumer credit are:

• the new directive will introduce EU-wide harmonised rules for consumer credit, which means that Member States will explicitly be prevented from adding to these rules unless specifically stated;
• it will cover more new forms of consumer credit than the previous rules laid down in the 1987 Consumer Directive;
• it will improve transparency and comparability for consumers and lenders;
• it will give consumers the right to withdraw within 14 days, free of charge and without justification.

In a first reaction,BEUC, the European consumer organisation, welcomed the Commission's proposal, but regretted that it is based on the "maximum" harmonisation approach, as this will prevent Member States from offering more protection to their consumers. BEUC Director Jim Murray said: "We fear that maximum harmonisation may actually reduce the level of protection currently available in at least some member states".