Going forward, we need to search for ways in which ESMA can play a more central role as a market regulator to converge standards. Market participants still have to deal with 27 different national regulators, which contributes to regulatory uncertainty and information asymmetry. And third, we need further harmonisation of laws and regulations.
Back at the bank after one of these meetings, Tommaso, visibly irritated by the lack of progress, asked me to come into his office. When we got there he told me that we had to start the preparatory work for the European Council ourselves – “Nobody else will do it.” I had no clue what the work would involve.