What concrete effect will ESRC recommendations have, if the addressee can simply decline to follow up by providing a justification for not complying?
The quality of the ESRC work will provide a significant moral incentive to follow up ESRC recommendations, or give convincing reasons to do otherwise The overall aim should be to ensure the smooth functioning of the key elements that make up the financial system. The ESRC therefore cannot oblige individual Member States or Authorities to act in a particular way, but it will provide, credible warnings and guidance as to the way to address potential risks.
