In an open system, however, what ultimately counts is the demand for funds; this in turn depends crucially on the conditions of employment of the factors of production, above all the profitability of the corporate sector.
The framework grew both in terms of the number and the forms of the regulatory instruments involved, incorporating both regulations and directives, as well as regulatory technical standards and guidelines developed by the European Banking Authority (EBA), European Securities and Market Authority and the European Insurance and Occupational Pensions Authority. Nevertheless, the AML Directive has remained the core of the legal framework.