The task of the Commission as the guardian of the treaty is to monitor the legality of all activities and compliance with the treaties on which the EU is based. The Independent European Court of Justice solves the disputes which concern legality of the actions. EU is non-hegemonic and it must be efficient in decision-making.
This underlines the need for standards to be evolved, based on international benchmarks, but adapted to the local requirements. Such benchmarks could also be quite useful in securing compliance with the Know Your Customer (KYC) and Anti Money Laundering (AML) norms, monitoring of intricate cross-country financial flows as also the operational efficiency of each system in a country.