We already have improved a disclosure that creditors must provide to every applicant for an adjustable-rate mortgage product to explain better the features and risks of these products, such as “payment shock” and rising loan balances. We are certainly aware, however, that disclosure alone may not be sufficient to protect consumers.
Any increases would undermine confidence in the euro and damage the credibility of those abusing the cash changeover in such a way. The ECB is also asking the public to keep a close eye on prices during the changeover period and is encouraging consumers and various organisations to follow up any – may I say – abuse of the occasion.