National sovereignty has not only been transferred in the area of monetary and exchange rate policies but also in other key policy areas, such as competition and trade. Finally, a single market has been established. As a result, the euro area countries already share important elements of state formation which are also key to the functioning of Monetary Union.
Four, as Regulator we need to continue to upgrade our skills and quickly achieve the level of competence in the insurance regulation as we have achieved in bank regulation. Of course, we have been in bank regulation for close to fifty years whilst we have only recently been doing insurance. The CLICO/CIB crisis is a major setback for the financial sector in the region.