ABSTRACT
It is important to comment on the general thrust of financial services regulation policy at the EC level and in particular to consider its possible impact on consumer protection, especially in relation to national contract law. Protecting consumers against unfair credit terms was mentioned, but the main benefits to consumers were viewed in terms of the greater choice available as creditors supplied credit a Cross–Borders and consumers gained confidence to shop around the common market for credit. The Directive has a broad scope applying to all credit agreements entered into by consumers and creditors. Hired goods frequently have only a limited value at the end of the hire period and so hiring often performs a similar economic function to buying on credit. The exclusion of property contracts is typically found in consumer credit legislation, since in many countries such contracts tend to be entered into after legal advice and there is a need for certainty in property law matters.
