Furthermore, a concrete assessment of the impact of the proposal cannot yet be carried out by financial institutions until the concrete proposals are made. For the time being the recommendations lack the sufficient clarity or precision to understand the eventual effects that can stem from the implementation of the proposals. Therefore, the ESBG supports the European Commission’s intent to carefully consider the possible impact (with an appropriate and independent cost-benefit analysis) that the implementation of these recommendations might have on the banking industry and the European economy before endorsing them or proposing any legal reform
