When you establish a subsidiary, you have very clear European rules, the ones which the UK, until now, followed and complied with too. So, you have your capital requirements and you have your liquidity standards. It’s very clear that the supervisory approach in the euro area for subsidiaries is the same.
One element here will be to strengthen the euro area executive with a euro area treasury, be it within the Commission or as a separate body. Another element will be to build up a genuine legislative capacity at euro area level and to make institutions acting in the euro area’s interest, such as the European Stability Mechanism, accountable to it.