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The establishment of the new institutional framework for financial regulation and supervision in the EU is a bold and promising innovation. The rationale for the Single Rulebook, for greater coordination in supervision and crisis management is stronger than ever. Reading again today the de Larosière report is a powerful experience: each piece of analysis, each conclusion is confirmed and reinforced in light of the development of the recent months.
At the same time, there are strong currents driving us back to a segmentation of the Single Market, to the preservation of diverse national regulatory frameworks, to the exclusive sovereignty of national governments in dealing with financial crises.
The challenge is very tough for a young authority as the EBA. EBA is often criticised in the national press because it is seen as erratic, not providing for enough certainty in the regulatory framework. But this is due to the fact that as soon as EBA starts analysing a subject it is important to realise how different national approaches are and provide benchmarks to ensure consistency. True enough, EBA’s approaches were changed frequently, but it was needed to remain loyal to EBA’s mandate and push for a level playing field. EBA is sometimes criticised because of not ensuring sufficient consistency, so that EBA’s requirements are not fair, or affect banks in one country more than those in another. But this is a reason for continuing the work EBA is accomplishing, not for going back to national discretions.