The European banking associations representing the credit sector released a joint paper calling for an open exchange of views and transparent consultations which take into account all stakeholder groups and for the carrying out of an appropriate impact assessment, in line with the EC’s “better regulation” policy. They criticize that the overall draft structure of the CFR based on the Principles of European Contract Law is not appropriate. These Principles are too detailed, too academic and too adverse to taking account the positions of consumers and industry.
These comments were made on the occasion of the Conference on European Contract Law, which was held in Vienna on 25/26 May 2006. The Vienna conference will examine progress and key issues related to the review of the Consumer Acquis and the Common Frame of Reference on European Contract Law.