Launch of a New CEPS/ECRI Task Force: Towards Better Use of Credit Reporting in Europe
CEPS/ECRI proposes to set up a Task Force to discuss the opportunities that the credit reporting in Europe should grab to respond to the challenges that more data is creating and at the same time provide ground for more efficient responsible lending. The Task Force will also aim to assess how the policy framework should evolve to support this development.
Credit reporting: Towards better access to credit and protection for consumers
In this new commentary, Elina Pyykkö looks into the importance of credit reporting systems in developing more efficient, secure and stable European retail credit markets. While acknowledging, that the current reform work on the protection rules in Europe is of high importance, aspects such as efficiency and competition need to be assessed in order to promote stable playing field for different players – again for them to be able to provide credit reporting which respects the rights of consumers.
Where is the European household sector in the deleveraging cycle?
One of many uncertainties still hanging over Europe’s economic recovery in the hostile post-crisis economic environment is how the household sector will cope with the debt reduction being sought. As a decade-long trend of generous credit expansion goes into reverse, deleveraging in the household sector moves forward, but the trend is far from homogeneous across nations. It is expected that household deleveraging will take time and that it will require continued policy support to prevent an abrupt retrenchment from debt, which could obstruct countries’ recovery.
