BIS Review 84/1998  -3-  Coming back to my main topic, competition in EMU: In particular, the following points will be of paramount importance to banking supervisors, to enable them to adjust to the growing competition within EMU and cope with its consequences.
• The continuation and deepening of the harmonisation of European banking legislation and of the pan-European co-operation among banking supervisors; • the exploitation of competition to strengthen the market players’ sense of responsibility and self-discipline; • the creation of adequate transparency for both market players and supervisors; • the further development of the capital provisions, as the keystone of banking supervision.