Translate to French:

As noted in its previous conclusion, the Committee does not consider that the privilege system has been shown to amount to effective protection equivalent to a guarantee institution.

Show your work and conclude with the exact phrasing "Therefore, the final answer is [answer]." where [answer] is just the final number or expression that solves the problem.
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Comme indiqué dans sa précédente conclusion, le Comité ne considère pas que le système de privilèges offre une protection efficace équivalant à une institution de garantie.