| Author (Person) | Chapman, Peter |
|---|---|
| Series Title | European Voice |
| Series Details | Vol.9, No.35, 23.10.03, p37 |
| Publication Date | 23/10/2003 |
| Content Type | News |
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By Peter Chapman Date: 23/10/03 THE MEP leading opposition to a controversial law affecting the EU's multi-billion-euro consumer credit market says deputies will take a hatchet to the proposals if Health and Consumer Protection Commissioner David Byrne refuses to go back to the drawing board. German Christian Democrat Joachim Wuermeling was speaking after Byrne told the legal affairs committee that he had no intention of caving in to its demands to withdraw a proposal deemed by some deputies to be ridden with flaws and incompatible with existing EU and national laws. In a charged atmosphere, Byrne insisted the proposal was good and told MEPs to quit grumbling and instead start amending the content. Wuermeling told European Voice the full Parliament is still likely to vote in favour of a symbolic demand for Byrne to withdraw the proposal in their early November meeting. He admitted MEPs would then have no choice but to give in to Byrne's demands if the Irishman refuses to yield. But the German rapporteur on the law said this would be the cue for the legal affairs committee to wield a hatchet against the draft law. "I think he is the only man in Europe who believes this is a good proposal. But, if he doesn't withdraw it, then we will show no loyalty to it. To us it is more or less null. The legal affairs committee will feel completely free to redraft it." MEPs question the draft's attempt to harmonize national rules that are tailored to a myriad of different products. For instance, they argue it undermines rules in the UK which force credit card firms to offer high levels of protection to their customers. They also point out that parts of the proposals conflict with EU data privacy laws. Robert Coleman, ex-director-general of Byrne's department, acknowledged the draft's many shortcomings in a recent letter to deputies. Wuermeling said it was too early to detail what would get the chop, but that MEPs would certainly seek to exempt small loans from the rules. The requirement to set up national data banks of borrowers is another likely casualty because the private sector already operates them in most member states, he explained. At the same time, he said, the legal burden on lenders to act responsibly should be changed so that it is shared more fairly with borrowers. |
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