The credit and payments sector has been extremely dynamic over the past decade, with a plethora of legislative initiatives being unveiled at EU level to reflect this. As a new five-year political mandate is about to begin, this contribution reviews the future of consumer finance, as well as discusses the ongoing developments for credit and payments within the EU. Specifically, it shares some detailed recommendations on what should be prioritised by legislators as part of their future work.
Considering the central role of both credit and payments in consumers’ daily lives, the key takeaway is that it’s essential that legislation follows the latest technological developments. The consumer finance industry should be actively nurtured and being able to access credit and make payments should be a seamless experience – but without sacrificing consumer safety.
This CEPS contribution is part of a special series ‘The EU’s path to 2030’, where each of our research units were invited to provide insights on key policy files, offering guidance and recommendations for policymakers throughout the course of the new mandate up until 2030 (and sometimes beyond). Find other contributions to this series here.
