We should deal with the remaining O&Ds, and we should stop passing more and more national laws, especially those which apply to banks that are supervised at European level. Instead, we should strive to cut down on some of these national laws, such as those concerning the reporting requirements that have become redundant as a result of the European Reporting Framework.
Scrapping such laws would increase efficiency and reduce costs for both banks and supervisors. So supervisors need a strong and level regulatory base. However, we must be careful that it does not turn into a cage. How could that happen? How could the rulebook evolve in a way that would confine supervisors?