The Case for Vulnerability as the Normative Standard in European Consumer Credit and Mortgage Law – An Inquiry into the Paradigms of Consumer Law
The Case for Vulnerability as the Normative Standard in European Consumer Credit and Mortgage Law – An Inquiry into the Paradigms of Consumer Law, Zeltschrift für Europäisches Unternehrn ens- und Verbraucherrecht Journal of European Consumer and Market Law (2013) 3: 124-137
16 Pages Posted: 15 Jun 2018 Last revised: 13 May 2019
Date Written: June 12, 2018
The paper argues that the competition law approach to EU consumer law should be abolished in favour of an approach that recognizes the vulnerability of consumers on financial markets. The argument is based on three observations. First, freedom of contract is very limited in consumer credit and mortgage law. Second, the information paradigm does not achieve its goal in this field of law because consumers are not reasonably circumspect and well informed. Third, an approach based on vulnerability can help to foster a social justice approach in EU consumer credit and mortgage law.
Keywords: EU law, consumer law, credit and finance, vulnerability, social justice
JEL Classification: K19
Suggested Citation: Suggested Citation