BIS Review 86/2005  1  Financial integration affects the three major components of the financial system, namely the financial markets, the related market infrastructures, and the financial institutions. In fact, financial integration affects these components simultaneously and alters their functioning and interaction. Financial integration is therefore directly relevant for the ECB’s tasks.
with the competence to take administrative measures – sorry, but I am a lawyer, after all – you must give precise instructions. You should not be vague, but that doesn’t have to be forbidding. The underlying tone does not have to be nasty; the message must simply be very clear: That is not good enough. You have to remedy the issue.