And because of this, there has not been a sharp decline in emigrants remittances as was previously expected. (These remittances are an important source of domestic demand and foreign exchange earnings for many Caribbean countries. I think in Jamaica remittances are the major source of foreign exchange earnings). (So this is the global re-balancing effect.)
However, a centralised supervisory authority would be confronted with the same problem of having to take account of special national features in its regulatory framework owing to the still-heterogeneous banking systems in Europe. Therefore, the optimum minimum level of harmonisation needs to be defined.