If we turn the clock back to autumn 2008, it was already obvious that most countries were heading towards “excessive” government deficits in the sense of the Treaty, if not in 2008, then certainly in 2009. Yet most euro area governments went ahead with fiscal stimulus anyway.
In all areas, but particularly in areas as sensitive as these, regulators should faithfully administer consumer protection laws as written. Any necessary regulations should adequately inform consumers and protect them against abusive practices while also not discouraging legitimate extensions of credit, especially to those who might previously have been denied access to such credit.