But I would like to stress that improved supervisory coordination is essential above all at European level, if we want to preserve the benefits of the single capital market. There is growing support in Europe for bold solutions involving the sharing of some regulatory and supervisory functions.
Efficient funds transfer, with no waste of time or money, enables migrants to channel their earnings to productive ends. In Italy the regulatory framework on transparency in the payment market will be enhanced by the Payment Services Directive. The objectives of the new legal framework are to heighten competition in the retail payment market, strengthen user protection and develop more efficient payment services.