When, in the 1990s, the European regulatory framework was completed with the institution of freedom of establishment and home country control, a level playing field was created for the activity of local banks and foreign banks and competition intensified further.
I have said from the outset that I do not feel that the development of a regional regulator would disenfranchise country national regulators because I see it filling critical gaps and securing critical mass for the demanding task of integrated and crossborder financial sector regulation. These enhanced resources (actuarial, legal or otherwise) cannot typically be found in any one country.