Not only do iteliminate the conflictthe member states applynational lawcreate, but alsoeffectivelytake precautions againstthecreationofmonopolyandmarketpower in European Commonmarket.
European banks for months had raised concerns that the U.S. law, as originally passed, might conflict with European privacy laws by requiring banks to enter into information-sharing agreements directly with the IRS. They initially reacted with favor to the new proposals.