Abstract
The debate on ratification or revision of the proposed new Consumer Credit Directive continues. The European Parliament neither rejected nor approved the Commission’s proposal at the plenary session on November 5, 2003. While the Commission insists on defending the merits of the proposal, the LAC Rapporteur Würmeling calls for a complete modification. This article is intended to serve as a navigation guide past the holes and obstacles on the winding ratification path.
This is a preview of subscription content, log in via an institution to check access.
Similar content being viewed by others
References
See N. Diez Guardia: Consumer Credit in the European Union, European Credit Research Institute, Research Report No. 1, Brussels 2000; and J. Sieweck: Starke Veränderungen am Konsumentenk-reditmarkt, in: Sparkasse, Vol. 119, No. 1, 2002, pp. 31–37.
OECD (ed.): Statistical Compendium 2002-2, Paris 2000.
See N. Diez Guardia, op. cit. Consumer Credit in the European Union, European Credit Research Institute, Research Report No. 1, Brussels 2000; and Deutsche Bundesbank (ed.): Zur Entwicklung der Bankkredite an den privaten Sektor, Monatsberichte, Vol. 54, October 2002, pp. 31–47.
See N. Diez Guardia, op. cit. Consumer Credit in the European Union, European Credit Research Institute, Research Report No. 1, Brussels 2000; pp. 9 ff.
See OCR Macro (ed.): Study of the problem of consumer indebtedness: statistical aspects, final report submitted to the EU Commission DG Health & Consumer Protection, London 2001, p. 106f.
For details see S. Kleimeier, H. Sander: Regionalisation versus Globalisation in European Financial Market Integration: Evidence from Co-integration Analyses, in: Journal of Banking and Finance, Vol. 24, 2000, pp. 1005–1043.
See D. Korczak: überschuldung in Deutschland zwischen 1988 und 1999. Gutachten im Auftrag des Bundesministeriums für Familie, Senioren, Frauen und Jugend, Stuttgart, Berlin, Köln 2001, p. 136 for Germany (slightly shortened). International details by A. San José Riestra: Credit Bureaus in Today’s Credit Markets, ECRI Research Report, No. 4, Brussels 2002; and N. Jentzsch: The Implications of the New Consumer Credit Directive for EU Credit Market Integration, Position Paper, John F. Kennedy Institute, Freie Universität Berlin, 2003, p. 12, with further references. For Belgium, only the measured values for critical life events are reproduced (further data in A. San José Riestra, op. cit.) Credit Bureaus in Today’s Credit Markets, ECRI Research Report, No. 4, Brussels 2002;
A. San José Riestra, op. cit.: Credit Bureaus in Today’s Credit Markets, ECRI Research Report, No. 4, Brussels 2002, p. 21.
N. Jentzsch: The Implications of the New Consumer Credit Directive for EU Credit Market Integration, Position Paper, John F. Kennedy Institute, Freie Universität Berlin, 2003, p. 12. See also J. McCarthy: Debt Delinquency, and Consumer Spending, in: Current Issues in Economics and Finance, Federal Reserve Bank of New York, Vol. 3, No. 3, 1997, pp. 1–6; and D. M. Maki: The Growth of Consumer Credit and the Household Debt Service Burden, Finance and Economics Discussion Series 2000-12, Board of Governors of the Federal Reserve System, Washington D.C. 2000.
J. Sieweck: BBE-Branchenreport Konsumentenkredite, Jahrgang 2000/01, edited by K. Vossen, BBE-Unternehmensberatung, Cologne 2001, Vols. 1+2. Here Vol. 1, chapter 9.
U. Reifner: Zur gesellschaftlichen Funktion der Schuldnerberatung — Schuldnerberatung zwischen Ghettowirtschaft und Reintegration, paper presented in Mainz, 14.11.2002, at a meeting of experts organised by the Ministerium für Arbeit, Soziales, Familie und Gesundheit, www.money-advice.net/admin/media.php/file/media/282/SB_GesFunktionMainz2002.pdf.
See D. Korczak, op. cit., p. XXIV.
For a general theoretical analysis of the correlation between lending, growth and employment, see F.-S. Hung, R. Cothren: Credit Market Development and Economic Growth, in: Journal of Economics and Business, Vol. 54, No. 2, 2002, pp. 219–237.
See F. A. von Hayek: The use of knowledge in society, in: American Economic Review, Vol. 35, 1945, pp. 519–530; and, for a modern overview, M. Erlei, M. Lehmann-Waffenschmidt: Curriculum Evolutorische ökonomik, Marburg 2002.
See also Bundesverband deutscher Banken: Vorschlag der Europäischen Kommission für die Novellierung der „Richtlinie zur Angleichung der Rechts- und Verwaltungsvorschriften der Mitgliedstaaten über den Verbraucherkredit“ — Verbraucher-kreditrichtlinie (VKG-RiLi), 16 Oktober 2002.
See S. Paul, S. Stein: Basel II und die deutsche Kreditwirtschaft — ein überblick, in: S. Paul (ed.): Basel II, Mittelstand und Kreditpreise, ff. 01 forschungsfolge, Frankfurt/M. 2003, pp. 35–70.
I. Crow, G. Howells, M. Moroney: Credit and Debt: Choices for Poorer Consumers, in: Aspects of Credit and Debt, London 1993, pp. 11–51, cited according to P. Cartwright: Optimal Consumer Protection in Financial Services, Brussels 2001. (www.ecri.be/homedocs/poartwright.pdf)
P. Cartwright, op. cit. Optimal Consumer Protection in Financial Services, Brussels 2001. (www.ecri.be/homedocs/poartwright.pdf)
See I. M. Kirzner: Unternehmer und Marktdynamik, Munich 1988; and L. von Mises: Human action: A Treatise on Economics, New Haven 1949.
See the analysis by M. Kanzler: Verbraucherkreditgesetz: Eine ökonomische Analyse, Bayreuth 1996, p. 143–164, on the problem of associated transactions under German law.
See Bundesministerium der Justiz: Stellungnahme Verbraucherkreditrichtlinie, Berlin 2003, pp. 13–14. (www.bmj.bund.de/images/11590.pdf)
See J. Siebke, H. J. Thieme: Einkommen, Beschäftigung, Preisniveau, in: Vahlens Kompendium der Wirtschaftstheorie und Wirtschaftspolitik, Vol. 1, Munich 2003, pp. 95–188.
Author information
Authors and Affiliations
Rights and permissions
About this article
Cite this article
Kösters, W., Paul, S. & Stein, S. An economic analysis of the EU Commission’s proposal for a new consumer credit directive. Intereconomics 39, 84–96 (2004). https://doi.org/10.1007/BF03032102
Issue Date:
DOI: https://doi.org/10.1007/BF03032102