Given that the recommendation would not be binding, a monitoring regime would need to be set up to create public pressure for the development of a more stringent policy.

I should like, therefore, to ask the Commissioner to convey to the Commission our position that it is not possible for the European Union to reliably exert pressure on the members of the UN to vote for a special convention which will also be binding on developing and poorer countries when the more developed world refuses to set an example in this endeavour.

The original provision is difficult to apply in practice (consumers know nothing whatsoever about foreign law, it is difficult for a national judge to apply foreign law which conflicts with national law, etc), the principle of mutual recognition could well lead to deregulation that is harmful both to economic operators and consumers because operators who are subject to the law of Member States with legislation providing greater consumer protection will necessarily be discriminated against compared with foreign operators who are subject to less stringent provisions and will therefore be tempted to pressurise their governments to bring the ...[+++]ir national legislation into line with more liberal legislation.

This occurs at a time when we are facing some key business pressures: reduced financial margins; higher regulatory capital requirements that create challenges unique for cooperatives; incredibly complex compliance rules that are proportionately greater for small, independent financial institutions, and I cite anti-money laundering and FATCA as only two of those examples; a higher cost structure because we operate as small, independent entities, often in communities the banks cannot afford to serve; and the critical need for investment in technology just to keep up with ou ...[+++]r much larger competitors.