„The global economic crisis revealed considerable flaws in current regulations on consumer rights and financial services, both in the United States and Europe. Icelandic consumers have had difficulties with making payments on their debts since the economic collapse, especially on mortgage loans,” says Irina Domurath, PhD student on her thesis. Domurath is examining the European Union consumer law with regards to consumer- and home loans.
Domurath is one of the first students to register for a new joint doctoral programme at the University of Iceland and the University of Copenhagen. She points out that there is a lack of research and knowledge on the interaction between consumer policy making; financial services, and consumer credit. This is specially pronounced concerning home loans and she wishes to address this problem. Domurath points out that “the discussion needs to be deeper with regards to consumer credit and especially home loans, both in Iceland and within the European Union in the wake of the economic collapse. A productive discussion requires further research on the role of consumers and the financial commitments they take on in the inner market of the European Union.”
An important issue in her work is to connect the legislation on consumer- and home loans to the developments of general consumer laws; especially how social justice can be obtained through such legislation. “My approach on legislation on consumer- and home loans is novel as I connect it to concepts such as sustainabilityand the social responsibility ’) of establishments in the financial sector,” says Domurath.
Furthermore, Domurath plans to suggest a new frame of reference in the field of consumer- and home loans. “The aim is to find incentives for an improved consumer protection in this field; both in Iceland and the European Union,” says Domurath. She has already written one scientific article based on her research where she suggests considerable changes in consumer legislation in the European Union that takes into consideration the diverse needs in consumer protection depending on the area of consumer issues.
Supervisors: Maria Elvira Mendéz Pinedo, Professor at the Faculty of Law, and Peter Rott, Assistant Law Professor at the University of Copenhagen.
