THE EUROPEAN DIRECTIVE OF MORTGAGE CREDIT

Abstract

The development process of the Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property was highly influenced by the current economic crisis. As a result, it became a consumer protection regulation and, above all, a regulation of the creditworthiness of the credit system by means of the so called responsible lending. These circumstances have provided the Directive with innovative profiles which make more difficult its transposition into the national law of the Member States, especially in regards to alternative dispute resolution and to the mandatory assessment of the creditworthiness of the debtors