The EU Competitiveness Council is meeting today in Luxembourg to discuss key issues facing consumers and enterprises across the single markets.

Robert Troy (Minister of State for Trade Promotion, Digital and Company Regulation) who is attending, said he hoped for progress on the Consumer Credit Directive and an agreed general approach. 

This Directive will protect consumers availing of smaller amounts of credit and those using so-called “buy now, pay later” style arrangements.

“Ireland has already moved to regulate such products, so it is welcome to have harmonising rules for across the EU single market,” he said.

Ministers will also discuss the EU Chips Act which aims to beef up the European semiconductor ecosystem.

Green strategies

The minister said that securing the supply of semiconductor chips is a key component in delivering both digitalisation and green strategies for Europe.  

It is also an important development for Ireland due to a strong semiconductor design and fabrication history, he added.