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

Amsterdam Law School Research Paper No. 2018-14

Centre for the Study of European Contract Law Working Paper No. 2018-03

Law and Justice Across Borders Research Paper No. 2018-04

16 Pages Posted: 15 Jun 2018 Last revised: 13 May 2019

Date Written: June 12, 2018

Abstract

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

Domurath, Irina, The Case for Vulnerability as the Normative Standard in European Consumer Credit and Mortgage Law – An Inquiry into the Paradigms of Consumer Law (June 12, 2018). 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 , Amsterdam Law School Research Paper No. 2018-14, Centre for the Study of European Contract Law Working Paper No. 2018-03, Law and Justice Across Borders Research Paper No. 2018-04, Available at SSRN: https://ssrn.com/abstract=3194505

Irina Domurath (Contact Author)

Central University of Chile ( email )

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