EU to update consumer credit law - sources

The European Commission will tomorrow unveil a proposal to update and harmonise EU consumer credit rules, EU sources said.

The plan will bring existing rules, formulated in 1987, up to date and will minimise the differences across Europe, the sources said.

They said the changes should help boost the development of the European cross-border credit market.

This has been held back by technical problems in pan-European access, lack of adequate harmonisation of national legislation, and failure to keep pace with the innovations in consumer credit since the 1980s, they said.

PA