I will conclude with some thoughts on the challenges for international regulatory cooperation as we move forward from the G-20 Pittsburgh Summit and the exceptionally active international coordination process that has preceded it.
In principle the common market should eventually allow banks headquartered in any one partner state the “right of establishment” in each of the other partner states and allow citizens of each partner state to purchase financial services from banks in the other partner states. Precisely how the “right of establishment” will operate with respect to banking has yet to be decided.