2 This brings me to the next point I would like to make, namely the identification of major achievements and challenges of European financial integration. Achievements and challenges of European financial integration Let me first draw your attention to a new report entitled “Financial integration in Europe”, which the ECB published for the first time just three weeks ago.
We must strike the right balance between providing a workable level playing field and at the same time providing sufficient flexibility for the peculiarities of national financial systems. The leitmotif for financial regulation ought to be international consistency, not one-size-fits-all. A uniform set of rules and regulations would deprive us of the benefits of international regulatory competition.