The debate is still inconclusive and the judgement on whether these regulations are a necessity or a case of overkill is broadly dependent on which side of the fence you are on i.e. whether you are a regulator or associated with a regulated financial sector entity. There are, of course, many others not in either of the two categories who hold strong views.
European Monetary Union works. That is by no means a matter of course. The introduction of workable common instruments for monetary policy, the proper functioning of payment systems and the harmonisation of statistical methodologies are crucial to the success of the monetary union.