The Belgian Presidency comes amid a time of great economic uncertainty and it is likely that the Presidency will find itself shepherding the EU through a turbulent period. The new Parliament and Commission have started the business of examining the causes of the financial crisis and are seeking to address the root factors of the recession; the key will be to adopt a rational and appropriate response.

The focus on consumer credit and lending may intensify in late 2010, with the Commission potentially set to unveil a new initiative relating to responsible lending in the autumn of 2010. The new Internal Market Commissioner Michael Barnier has indicated that the Commission could foresee some activity in this area during the Belgian Presidency. The approach to consumer lending under this initiative will be important, as a one-size-fits-all approach to secured and unsecured lending could have adverse consequences for consumers and the wider economy.

Responsible lending would then be an issue that the Belgian Presidency will lead on in the Council and its approach will be crucial in ensuring that any actions are proportionate and sufficiently flexible. This approach needs to ensure that any initiative does not risk stifling the new shoots of economic recovery in major EU markets.

This is an important balancing role that the Presidency will need to play given the concerns of policy makers and the need for solid economic recovery and growth. The Presidency will also oversee the negotiations on the Consumer Rights Directive between the European Parliament, Council and Commission. This will require delicacy to ensure a balance between the interests of consumers and of businesses. Ensuring that any agreed text creates this equilibrium is the challenge in the current political climate.

The approach to financial services under the Consumer Rights Directive will also be crucial, at a time when Member States are bedding in the implementation of the Consumer Credit Directive. The Presidency should seek to ensure that financial services are not inadvertently faced with two regimes with which to comply.  There are workable, pro-consumer solutions under discussion and we hope the Presidency will be able to consider these. We look forward to the Belgian Presidency and working with it for the interests of consumers, business and the wider European society.