Implementation of Directive 2014/17/EU and its Impact on EU and Member States Markets, from not only a Czech Perspective

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F26482789%3A_____%2F16%3AN0000123" target="_blank" >RIV/26482789:_____/16:N0000123 - isvavai.cz</a>

Result on the web

<a href="https://www.sciencedirect.com/science/article/pii/S1877042816305730" target="_blank" >https://www.sciencedirect.com/science/article/pii/S1877042816305730</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1016/j.sbspro.2016.05.472" target="_blank" >10.1016/j.sbspro.2016.05.472</a>

Result language

angličtina

Original language name

Implementation of Directive 2014/17/EU and its Impact on EU and Member States Markets, from not only a Czech Perspective

Original language description

The Treaty on the functioning of the EU (“TFEU”¨) emphasizes the internal market and free movement of goods, services, capital and people. The financial crisis had a negative impact on it and led to a loss of confidence of financial market participants, while the parallel real estate crisis ended the prior set-in-stone real estate paradigms, i.e. real estate prices went down as well as the demand for it, leading to a dramatic increase in unfinished and incomplete building projects (Hajnal, 2015). The ongoing profitability downturn was identified across countries, industries and all sizes of businesses (Lacina & Vavřina, 2014) and negatively impacted even consumers. The global crisis showed that housing markets in the EU are big causes of instability (Whitehead et al., 2014). The EU consumer law protecting consumers through (i) information and (ii) fairness (Méndez-Pinedo, 2015) failed mortgagors-consumers in the crisis, as they lost their confidence in the financial sector. Thus, a current initiative of the EU is creating principles for correctly granting credits, leading to improving efficiency and recreating financial and real estate markets of the entire EU and its member states. This was the driving force for the issuance of the Directive of the European Parliament 2014/17/EU on credit agreements for consumers in re residential immovable property on 4th February 2014 (“MCD”). The MCD follows 2 paradigms already established in European consumer credit law – the information and fairness - and adds to them 2 more paradigms – affordability and responsible lending (Méndez-Pinedo, 2015). The goal of the MCD is harmonization and member states must implement MCD in their national legal systems by March, 2016.

Czech name

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Czech description

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Type

J_imp - Article in a specialist periodical, which is included in the Web of Science database

CEP classification

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OECD FORD branch

50501 - Law

Project

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Continuities

N - Vyzkumna aktivita podporovana z neverejnych zdroju

Publication year

2016

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Name of the periodical

Procedia – Social and Behavioral Sciences

ISSN

1877-0428

e-ISSN

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Volume of the periodical

220

Issue of the periodical within the volume

85

Country of publishing house

NL - THE KINGDOM OF THE NETHERLANDS

Number of pages

10

Pages from-to

85-94

UT code for WoS article

000386948700011

EID of the result in the Scopus database

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