L 133/66 Official Journal of the European Union 22.5.2008 DIRECTIVES DIRECTIVE 2008/48/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Commu- nity, and in particular Article 95 thereof, Having regard to the proposal from the Commission, Having regard to the opinion of the European Economic and Social Committee (1), Acting in accordance with the procedure laid down in Article 251 of the Treaty (3, Whereas: o) Council Directive 87/102/EEC of 22 December 1986 for the approximation of the laws, regulations and adminis- trative provisions of the Member States concerning consumer credit () lays down rules at Community level concerning consumer credit agreements. In 1995, the Commission presented a report on the operation of Directive 87/102/EEC and undertook a broad consultation of the interested parties. In 1997, the Commission presented a summary report of reactions to the 1995 report. A second report was produced in 1996 on the operation of Directive 87/102/EEC. Those reports and consultations revealed substantial differences between the laws of the various Member States O] C 234, 30.9.2003, p. 1. Opinion of the European Parliament of 20 April 2004 (O] C 104 E, 30.4.2004, p. 233), Council common position of 20 September 2007 (O] C 270 E, 13.11.2007, p. 1) and Position of the European Parliament of 16 January 2008 (not yet published in the Official Journal). Council Decision of 7 April 2008. OJ L 42, 12.2.1987, p. 48. Directive as last amended by Directive 98/7|EC of the European Parliament and of the Council (OJ L 101, 1.4.1998, p. 17). ©) in the field of credit for natural persons in general and consumer credit in particular. An analysis of the national laws transposing Directive 87/102/EEC shows that Member States use a variety of consumer protection mechanisms, in addition to Directive 87/102/EEC, on account of differences in the legal or economic situation at national level. The de facto and de jure situation resulting from those national differences in some cases leads to distortions of competition among creditors in the Community and creates obstacles to the internal market where Member States have adopted different mandatory provisions more stringent than those provided for in Directive 87/102/EEC. It restricts consumers’ ability to make direct use of the gradually increasing availability of cross-border credit. Those distortions and restrictions may in turn have consequences in terms of the demand for goods and services. In recent years the types of credit offered to and used by consumers have evolved considerably. New credit instru- ments have appeared, and their use continues to develop. It is therefore necessary to amend existing provisions and to extend their scope, where appropriate. In accordance with the Treaty, the internal market comprises an area without internal frontiers in which the free movement of goods and services and freedom of establishment are ensured. The development of a more transparent and efficient credit market within the area without internal frontiers is vital in order to promote the development of cross-border activities. In order to facilitate the emergence of a well-functioning internal market in consumer credit, it is necessary to make provision for a harmonised Community framework in a number of core areas. In view of the continuously developing market in consumer credit and the increasing mobility of European citizens, forward-looking Community legislation which is able to adapt to future forms of credit and which allows Member States the appropriate degree of flexibility in their implementation should help to establish a modern body of law on consumer credit.