Or better, to the extent that he did notice, he only saw the negative aspects.3 “La gente nòva e i subiti guadagni”  1 2  3  I would like to thank Alfredo Gigliobianco for helping me to write this text, Paolo Angelini and Ivan Faiella for reading it and making suggestions, and Ignazio Visco for his many useful remarks.
For example, how much national discretion is allowed in implementing rules; how fungible are liquidity and capital across borders; how regulations, such as those on loss-absorbing capital, affect the choice of subsidiaries versus branches – all these decisions will crucially shape the microeconomic incentives of banks to become European. And the macroeconomic consequences for the Union are significant.