That regulation itself happens in an international environment, often with an initial regional layering.
Ireland’s age-old financial links with Britain have not been impeded by our shared adoption of the envelope of European Union legislation governing finance, nor even by Ireland’s adherence to the euro with its even greater ambitions – currently, to be sure, suffering a setback (partly because the risks presented by over-elastic international flows were not sufficiently understood or managed) – for harnessing the power of financial integration.