Especially in the banking sector, integration is not yet so advanced as to justify pan-European supervision. Furthermore, tax systems, accounting standards and also banking systems vary to a degree that does not warrant unified banking supervision. As financial integration advances further, however, this situation may change in the future.
Consistent with these provisions, we have worked with other regulators and, wherever possible, sought to make good use of the information and analysis they provide. In the process, we have built cooperative relationships with other regulators – relationships that we expect to continue and strengthen further.