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'Controversy remains over whether installing an FSA for Europe is the only possible answer. The majority of experts believe that for the next few years the more realistic and also more appropriate response would be a coordinating institution at the European level. A continuation of the competition for better regulation still makes sense, they say. However, the numerous inconsistencies arising from the differing application of EU directives and the difficulties resulting from the co-existence of regulatory and supervisory authorities conceived from completely different angles suggest to me that the European financial market will only become truly efficient and capable of competing with the U.S. system if we soon have a European FSA.'
'The numerous inconsistencies arising from the differing application of EU directives and the difficulties resulting from the co-existence of regulatory and supervisory authorities conceived from completely different angles suggest to me that the European financial market will only become truly efficient and capable of competing with the U.S. system if we soon have a European FSA.'