This is a most delicate issue, and while a perfectly level playing field may not be achievable, we have to be conscious of the consequences of a “beggar-thy-neighbour” approach to regulation. The transition to a uniform system of rules and oversight of the financial sector must be hastened.
In the euro area, and in the European Union at large, the project for banking union is ambitious, but it goes in the right direction. ●  Let me close on a different but related topic. Some countries are now investing increasingly in efforts to improve the financial literacy of the public. This too is important.