Since the EU has a harmonised approach to financial regulation, regulatory competition among member states should not be a driving factor in determining locational choices within the EU. This applies a fortiori to the euro area, since the ECB-led SSM provides a unified institutional framework for the supervision of banks.
In the period of economic modernization, the Bank of Korea’s efforts were aimed at underpinning the government’s economic policies in terms of finance. In this process, the Bank could not give full attention to the orthodox central bank role of maintaining the soundness of the financial system and the stability of the value of money.