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ECRC Newsletter 2009 H1 – July 2009

Dear friends and colleagues,

Our coalition has not produced a Newsletter in a while but our members have been busy trying to explain, understand and help to limit the harm which this credit crisis has instigated. ECRC conferences, joint declarations and mutual help in promoting sustainable approaches have kept us busy. We think the crisis is basically a disaster of the financial system, the price of which is being paid by those who are losing their jobs, or struggling to reschedule their credit commitments. They have been confronted with the empty pockets of the welfare state; with arguments of ”productivity first” short term approaches (also damaging for the environment); and by the shift of the public debt burden to the next generation.

ECRC members have always warned against predatory lending practices; asked for better regulation for the poor; and warned against the risks of the system which allowed skyrocketing rates of return and drove people towards insolvency. The causes of the credit crisis have their roots in events ten years ago when consumer debts exploded without creating productive investment for the people who worked and lived, but instead provided unimaginable profit for gamblers and moneymakers.

We hoped that the crisis would at least provide an opportunity to open the eyes of the public on how important responsible credit would be. We hoped that our principles would be discussed worldwide. The hope was not totally in vain…

Please read our Summer newsletter attached below:
Sections include:
Conferences (p. 2)
European Policies (p. 4)
National Efforts (p. 7)
Consumer Credit Directive and Mortgage Regulation (p. 12)
Next steps and Call for Help (p.13)

We welcome your views and ideas (by email to and any update on the initiatives you are involved in.

Best regards,

The ECRC Team