The domestic equity market performed exceptionally well during the first five months of 2002, benefiting from the sound performance of the gold index. However, by the end of April this year, the monthly average share price level had fallen by 32 percent from its all-time high of 11 686 reached on 22 May 2002.
Competitive distortions could also arise from a failure to establish a genuine Single Rule Book and from the discretion that national authorities maintain regarding, for example, the implementation of macroprudential tools. Notable national differences in supervision might therefore remain in place; in other words, the playing field would then not be completely level.