Our regulatory approach is in line with sound practices being agreed across Europe; our responsibility is to ensure that firms authorised to operate from Ireland demonstrate compliance with EU requirements.
This suggests that member states are still not reaping the full benefits of their participation in EMU and may leave their economies again vulnerable to shocks. In this light the recent slowdown in euro area activity, albeit largely caused by external trade shocks, is a firm reminder: further strengthening of EMU is necessary.