The EESC considers it vital to preserve the "biodiversity" of the financial system, without this meaning the arbitrary application of rules. In this context the Committee applauds the consideration the European Commission has given to the introduction of calibrated financial regulation frameworks to consider the specificities of cooperative and savings banks that avoid the undesirable effects of uniform application of prudential rules and possibly an overload of administrative burdens.
The EESC has always been committed to a level playing field, and therefore recommends the use of objective parameters that justify a specific regulation for each business model. Essentially, these are financial and economic performance, contribution to the real economy, risk management, and governance. The EESC proposes that the financial authorities should offer incentives to those actors who best comply with these conditions, and calls for stronger ethical standards and codes of good governance for all kind of banks, as these are vital for restoring lost confidence.