A Challenge for the EU’s Average Consumer Concept
To a certain degree, owing to informational asymmetry, a difference in negotiating power and a relative lack of transparency, and due to the ever-present risk of falling victim to unfair commercial practices, all consumers can be considered vulnerable or disadvantaged when it comes to business-to-consumer transactions. This is especially the case in those consumer markets that involve particularly complex transactions, such as the financial products and services market. In the light of these issues, this article focuses on the European Union's concept of the ‘average consumer’ and its interpretation by the European Court of Justice (ECJ), particularly in cases concerning problematic markets. Read more... (Daniel Szilágyi)