Reading Consumer Protection in the EU Constitutional Context: What Does ‘Consumer Protection Is Not Absolute’ Mean?

Abstract In Novo Banco SA – Sucursal en España and Others v C F O and Others, the Court of Justice of the EU held that ‘consumer protection is not absolute’ but may be limited by the Union’s general interest in maintaining financial stability and preventing systemic risk. While the idea that consumer protection is not absolute is not new, the Court’s specific reasoning in this case marks a notable departure from earlier rulings, such as Gutiérrez Naranjo and Bank M, where it dismissed similar arguments when interpreting EU consumer law. The Court’s position in Novo Banco appears to be informed by unique legal and institutional circumstances – specifically, the reorganisation measures adopted by a national central bank for a failed bank. Nonetheless, the judgment signals a more constitutionally holistic approach to consumer protection and suggests a pathway towards a more balanced view of consumer protection contextualised within the EU’s constitutional framework.