Brussels, 11/09/2002 (Agence Europe) - On David Byrne's initiative, The Commission is proposing to set out new harmonised consumer credit rules for the EU. The aim of the draft directive formally published yesterday (see yesterday's Europe, p.4) is to ensure considerable consumer protection and facilitate the creation of a single market in consumer credit. The Commission feels that the lack of common rules reduces cross-border transactions and leads to differences in consumer protection in Member States. In a press release, David Byrne noted: "Consumers in the eurozone owe EUR 500 billion. It has been my ambition to make sure that their interests are well-protected within a framework that acknowledges the importance of credit for our modern lifestyles". Frits Bolkestein stressed the usefulness of the directive for achieving a single market in financial services and improving e-commerce potential: "The rules are comprehensive and common to all… People need to know exactly what they are paying for credit and to be able to compare offers from all over Europe. Only then will they have the confidence to use the opportunities the Internal Market offers for cheaper cross-border borrowing, including through e-commerce."