4 The rise in LIBOR has also resulted in higher money market rates in Hong Kong, New Zealand and the UK. But 12 / 13  BIS central bankers' speeches  there has been less of an effect on European or Japanese rates.
Shifting competences to the European level needs to be accompanied by further political integration and democratic accountability. Ensuring that everyone plays by the same rules is an important component of our European democracy. The EU is built on the principles of equal and fair participation in economic and political life, which can only be guaranteed through strict enforcement of the rule of law.