From a Reddit user:
I briefly went through the documents about this and the entire thing is mostly about a push towards a single capital market. The most notable points are:
-
Launch of an EU-wide, auto-enrollment to Long Term Savings Product, which looks like a pension fund/savings account where citizens of the EU will be able to invest, leveraging tax incentives
-
Harmonisation of EU Member States’ regulatory frameworks
-
Implementation of an EU-wide capital market access-point for small and medium enterprises so that they can have access to capital from the entire EU
-
Rollback of some red tape around the scrutinisation frameworks
-
Creation of European Green Guarantee - an EU-wide scheme of guarantees for banks to mitigate lending risks to help green investment projects and companies get liquidity
-
Introduction of a new scheme combining the European Long Term Fund with tax incentives
-
Pan-European payment infrastructure with the Digital Euro
-
Widespread availability of supranational AAA EU Bonds to increase flexibility of the European Central Bank
https://www.reddit.com/r/europe/comments/1ilmxfn/comment/mbwsdbj/
But the article is worth reading
“It’s not against the American credit card, it’s about the fact that we are not able in Europe to build up European credit cards,” Letta said, estimating that some $300 billion a year in European savings are going into the US financial market, to a US company.
This annoys me even in Australia
Years ago, before creditkarma, Fico scores and credit reports in my Amex app, and vantage scores and reports in my chase app, back when you had to go to annualcreditreport.com and wait for your shit in snail mail: I went to Fry’s for a TV. They had some percentage off for applying for a store card. I was denied, which freaked me out because I thought my credit was really good so I assumed identity theft fucking my shit up. I paid with my normal card (still got the discount for applying), went to annualcreditreport, and waited; only to find out everything was fine.
I did some research and found out the industry considered me a “deadbeat.” Not because I didn’t pay, but because I did. I was the type of person that would get all these signup benefits and pay things off on time so I never got hit with all those retroactive usurious interest charges. I was rejected for having good credit.
The fact that it’s legal to purposely extend credit to people who can’t afford it to trap them in debt slavery is fucked up.