C. whereas studies reveal that consumers tend to overestimate their knowledge of financial services and need to be informed of the fact that they are not as financially literate as they believe, and of the consequences thereof,

C. whereas studies reveal that consumers tend to overestimate their knowledge of financial services and need to be informed of the fact that they are not as financially literate as they believe, and of the consequences thereof,

2. Urges the Commission to undertake a thorough impact assessment of the option deemed most appropriate; stresses that this impact assessment should include, inter alia, identification of the most suitable legal basis, social and economic impacts, coherence with existing EU, international and private law, possible systems of arbitration in cases of conflict regarding the choice and application of the optional instrument between consumers and businesses, and the level of added value for consumers and businesses of such an optional instrument; considers that this impact assessment should be completed and concerns addressed before work co ...[+++]mmences on the chosen policy option;

Mr Van Miert has also pointed to the fact that transparency in banking affairs is one of the priority issues in the 1990-1992 three-year action plan adopted by the Commission on 28 March 1990 for consumer protection policy in the European Community. This was confirmed by the Commission's programme of work for 1991, which stresses the need to increase transparency in transfrontier transactions.

Studies carried out indicate that consumers are primarily concerned about antibiotic and growth hormones used in livestock; microbial contamination from unsanitary food handling practices all the way down the food chain; animal diseases; and exposure to pesticides, chemical additives and preservatives.

The apparent reflexivity of this self-control process is important given the predominance of long-term, heavy, frequent users in the study.