They know the issues are complex – be they related to cross-border resolution and too-big-to-fail; assessing bank capital adequacy and acceptable tolerances for leverage; or addressing issues around complexity, compliance, and adjustment paths. And they understand the responsibilities all countries carry to close the regulatory net and avoid the regulatory arbitrage opportunities that would otherwise exist.
We look at the whole euro area and we are not here to represent particular countries. We are aware of the objections in some countries. Of course you have to take them into account and properly explain that we are acting in order to respect our mandate. That is admittedly rather difficult.