THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in Particular Article 100a thereof,
Having regard to the proposal of the Commission [OJ C 235, 13.8.1996, p. 8 and OJ C 137, 3.5.1997, p. 9.],
Having regard to the opinion of the Economic and Social Committee [OJ C 30, 30.1.1997, p. 94.],
Acting in accordance with the procedure laid down in Article 189b of the Treaty [Opinion of the European Parliament of 20 February 1997 (OJ C 85, 17.3.1997, p. 108), Council Common Position of 7 July 1997 (OJ C 284, 19.9.1997, p. 1) and Decision of the European Parliament of 19 November 1997. Council Decision of 18 December 1997.],
Whereas it is desirable, in order to promote the establishment and functioning of the internal market and to ensure that consumers benefit from a high level of protection, that a single method of calculating the annual percentage rate of charge for consumer credit should be used throughout the
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