At world level some of the largest banking groups have encountered serious difficulties. In other cases obstacles have emerged to the efficient control of operations in different lines of business and countries. In wholesale banking there is already a fully-fledged single market at international level.
As regards macro-prudential policy, the distribution of competencies between the European and the national level and the various bodies is currently the subject of heated debate. Contagion effects of financial crises are particularly severe in a monetary union, suggesting a more centralised approach.