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EU Financial Regulation, Contract Law and Sustainable Customer Finance

EU Financial Regulation, Contract Law and Sustainable Customer Finance

OBLB categories

  • Commercial Law
  • Financial Legislation

OBLB Kinds

Olha O. Cherednychenko

Professor of European Private Law and Comparative Law during the University of Groningen, holland, and Director associated with the Groningen Centre for European Financial Services Law (GCEFSL)

OBLB Keywords

  • Better regulation
  • Customer finance
  • Contract legislation
  • EU Financial Regulation
  • Sustainable finance

Contemporary communities require well-functioning retail markets that are financial endure and flourish. The worldwide economic crisis of 2007-2008 has shown that innovation in monetary agreement design may cause financial loans that don’t gain specific customers and communities most importantly. The mis-selling of subprime mortgage loans in the usa is merely one of these. Now, a lot more than 10 years later on, very dangerous products that are financial such as for example payday advances, continue steadily to upset retail economic areas throughout the EU. Moreover, the post-crisis age presents major brand brand new challenges in terms of effectively safeguarding public and private passions into the world of customer finance in an extremely electronic and environment that is sustainability-minded.

The EU and Member States have increasingly resorted to intrusive regulation of the financial sector to bridge the gap between consumer finance and society in post-crisis Europe. This enables economic regulators to intervene, for instance, in product development, remuneration structures when you look at the circulation string, and also the tradition in banking institutions.