The most important – and especially problematic – aspects include •  Creating the conditions under European law to establish a centralised European supervisor, including amending the EC Treaties;  •  Creating a single material supervisory (procedural) law;  •  The absence of uniform insolvency legislation in the EU;  •  The issue of creating a “two-class society” of financial institutions regulated by a European supervisor and those which are regulated by national supervisors yet simultaneously active in the same market.
We must not forget the far-reaching political implications, either. After all, national supervisors in Europe would have to hand over a large chunk of their political sovereignty. This also raises the issue of the democratic legitimacy of such a centralised structure.