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Part II EU Jurisdictions, 8 Romania

Monika Jozon

From: Unfair Terms in Banking and Financial Contracts

Edited By: Danny Busch, Matthias Lehmann

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 23 July 2024

Subject(s):
Banker-customer contract — Credit — Debt — Financial regulation

This chapter considers the significance of unfair terms control in Romania. It explains how Romania was one of the most affected European countries by consumer over-indebtedness after the 2008 Global Financial Crisis and the COVID-19 pandemic. In Romania, the general approach of unfairness control of contract terms in consumer loan agreements is that contract fairness is primarily an issue of private law. The chapter notes how consumer protection in the field of consumer loan agreements has become a complex social justice matter. The Unfair Terms Directive (UTD) and subsequent case law on it provide the tools on how to establish unfairness and develop rules on the consequences of the unfairness on the contractual relation between the parties and on damages.

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