Furthermore, the attention is focused on the development of the internal financial systems of members within a consistent and compatible framework that will pave the way for the co-ordination of macroeconomic monetary policies at some later stage, and perhaps some integration of systems further downstream.
Also, favouring of “national champions” would have been avoided, so recovery and resolution policies would have been more consistent and effective. Healthy competition in the banking sector could have been restored sooner without compromising the stability of the system.