What level of harmonisation for EU mortgage credit markets?

In this new ECRI Commentary, Karel Lannoo offers his assessment of the Commission’s proposed Directive regulating retail mortgage credit, adopted on March 31st. While welcoming the initiative as a first step towards creating a European mortgage market, he expresses concern over the degree of harmonisation and the fact that many provisions are left to national implementing legislation or are not, especially in the case of sensitive items, covered at all.
Karel Lannoo is Chief Executive of CEPS and Director of ECRI.