At the level of the European Union (EU), the Commission and the co-legislators have also strengthened the single rulebook and launched an ambitious agenda for creating a CMU. But with the financial crisis gradually disappearing in the rear-view mirror, ambition for further reforms is weakening and reluctance to implement already agreed standards is rising.
I cannot speak highly enough of the role that you Dr. Èièin-Šain and others played and the Croatian nation is in your debt. When our country became independent of the United Kingdom in 1922, we had the distinct advantage that there was already a well-developed banking system. Given the upheavals of the years following independence, a cautious approach was taken.