As an Englishman working in Ireland, I need to disclose that bringing in a foreigner to do your supervision is not, alas, the magic solution to all the woes of a banking system.
But the single supervisory mechanism holds open the prospect of an institutional framework, a broader skill set and more diversity of experience that should help insulate supervisors from the pressures – subtle and direct, cultural and political – that come from long-time and close proximity to their regulatory charges and their champions.