Creating an international banking supervisor spanning 18 countries and trillions of assets is unprecedented. It is the most significant change ever made in European banking supervision. As the other two pillars fall into place, it forms the basis of the European Banking Union, which is arguably the main European project of our time.
Even then, the new tax system for 2001 will boost average purchasing power by 4% or even more, representing a powerful stimulus for consumption. Many commentators view the new millennium as the start of a “new economy”. ICT developments will undoubtedly have a major impact on world economic performance; still, there is no indication whatever suggesting that economic laws have become fundamentally different.