Between 1991 and 1995, before a monetary union in Europe was considered to be a realistic prospect, the average budget deficit of the eurozone was 5% of GDP. The subsequent pressure for fiscal discipline emanating from the desire to qualify for Economic and Monetary Union, resulted in an average budget deficit of 2.3% of GDP at the end of 1998.
We regularly take stock of our approach, drawing on the output of quarterly meetings with IFIA, bi-lateral engagement with law firms and regular contact with fund promoters and investment managers at home and abroad. And we press matters with our colleagues in Europe when necessary. Supervision What then of our approach after authorisation, namely to supervision?