9th June 2022
Agreement expected on general approach to strengthen consumer rights when concluding a credit agreement
Member States discuss progress on EU Chips Act
Minister of State for Trade Promotion, Digital and Company Regulation, Robert Troy TD, is in Luxembourg today for a meeting of the EU Competiveness Council and will be joined by Commission Executive Vice President Vestager, Internal Market Commissioner Breton, Justice Commissioner Reynders, as well as fellow Ministers with responsibility for the Internal Market and Industry.
Speaking ahead of the Council meeting, Minister Troy said:
“Discussions today are focusing on a number of key issues facing consumers and enterprises across the Single markets.
“I hope today we will have progress on the Consumer Credit Directive and an agreed general approach by the end of the day. This Directive will protect more consumers than ever, including consumers availing of smaller credit and those using so called “buy now, pay later” style arrangements. Ireland has already moved to regulate such products, so it is welcome to have harmonising rules for across the EU single market.”
Ministers will also discuss the EU Chips Act which, when adopted, will help further develop and strengthen the EU’s production and innovative capacity by establishing a framework of measures to strengthen the European semiconductor ecosystem.
On the Chips Act, he said:
“Today’s discussion is both welcome and timely, as securing the supply of semiconductor chips is a key component in delivering both digitalisation and green strategies for Europe. Not only for Europe, the Act is also an important development for Ireland due to our strong semiconductor design and fabrication history, and I look forward to Ireland playing a key role in this.”
Ministers will also consider a proposed Directive on empowering consumers for the green transition through better protection against unfair practices and better information, and have a policy discussion on how to strengthen the resilience of European strategic industrial ecosystems.
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