European Union governments backed a proposal Monday to intensify competition among lenders by setting common consumer protection rules, making it easier for borrowers to shop around the region for credit.
The push for uniform rules, for example, on how interest rates are advertised, would throw open borders in the EU's €884 billion, or $1.2 trillion, market for credit cards, car loans, purchase finance and other loans, excluding mortgages. Some of Europe's largest banks have blamed different regulations across the 27 EU member states for curbing lending and mergers across borders. READ MORE
