BIS Review 10/2008  5  Conclusions In conclusion, the European institutional framework continues to be based on a fundamental asymmetry, with a single monetary policy and decentralised systems of supervision and financial regulation, subject to coordination that has increased over time but must be strengthened.
If full advantage is to be taken of the economies of scale of the Single Market, also in the banking and financial sector, of which it forms the backbone, it is necessary to reinforce the common bases of European legislation, in order to ensure at the same time the development and stability of the market.