Saudi Arabia) for both Islamic and conventional institutions, while others issue separate Islamic banking licenses (e.g. Malaysia). When regulators apply the same criteria and due diligence for licensing both IFIs and conventional institutions, they strengthen the competitive forces.
Her perseverance was essential to establish the mechanism’s credibility. As Andrea Enria takes over Nouy’s mandate, now is a good opportunity to reflect on the many achievements of Europe’s crisis management set-up and draw some preliminary lessons from the current (incomplete) architecture.