Waiting for too long could mean that we end up with very divergent systems in Europe. This in turn would make it extremely difficult to have a European passport and single market in this area. Against that background the envisaged European directive on e-money is expected to improve market development.
V The third area you mentioned is the current review of the capital adequacy framework by the Basel Committee. Naturally, differences of opinion exist. One prominent example, which has been cited various times in the press, is the use of external versus internal ratings for assessing the banks’ credit quality.