There continues to be a contrast between a fully-integrated monetary system, with a single monetary policy decided by the European Central Bank, and a financial market that is only partially integrated, since regulatory and supervisory policies are implemented at national level. This issue, which is quite complex, has been studied by various commentators, academics and officials.
This is diametrically opposed to the aim of regulating liquidity, which is to safeguard the maintenance of liquid funds even under unfavourable circumstances and for longer periods of time. Of course, a final judgement on the effects of each of the regulatory initiatives can only be made when their precise details are known and as soon as robust empirical evidence is available.