But not only banks still have work to do. In this vein, I would like to mention several points that will be relevant to the discussion later on: 1. There are still approximately 30 microprudential national options and discretions addressed to Member States. 2.
Many important European tools, such as fit and proper assessments and the early intervention measures, are covered by directives which have to be transposed into national law. This adds to the fragmentation and leads to an uneven playing field. 3. We still lack harmonised supervision of third-country branches and investment firms. 4.