The CEBS mandate is to promote harmonisation of regulatory frameworks and not to conduct ordinary supervisory work. And even if the consolidated supervisor has group responsibility it is an undeniable fact that the authority answers to the home-land constituents. Thus, the EOFS would contribute important functions in addition to the present regulatory structure within the EU. What I have in mind is an institution with real resources and not a “talk shop” primarily designed to build consensus. BIS Review 83/2007  5  Conclusions Let me summarise. During the last decade, the banking sector has increasingly become cross-border. We should welcome this rather new form of financial integration as it enhances competition and stimulates economic growth. This development also raises challenges for the regulatory community. Our answer to these challenges should not be increased protectionism. Instead, we need to find new forms for cooperation and supervision that allow the benefits from integration to be realised. Today I have presented to you my thoughts on the need for a special body with the mission to supervise the major European cross-border banks. Since this proposal to some probably seem rather radical and not very conceivable in the shorter term, I have advocated a gradual approach. In my view, the time has now come to set up the modalities for achieving this goal.
On the whole, the turnover in the retail trade appears to have increased prior to the changeover, which is connected with an increased use of cash during the same period. Many consumers have quite simply chosen to consume extra during the late autumn of 2001 to use up their national banknotes and coins. The rapidity of the changeover appears to have simplified it for the retailers, as the period of using two different currencies was relatively short. In Sweden, the retail trade is already represented in the SIFS group (Consultation and Information with the Financial Sector), which is led by the Riksbank and as the preparations for a cash changeover proceed, we will certainly have reason for closer contact. The rapid changeover to the euro has had the result that the need for transportation and storage of both euro and national currencies has increased and become more concentrated than estimated. It is above all the national currencies that have created storage problems for the retailers and banks, as return transport of these has had to wait until sufficient amounts of euro have been distributed in the market. Despite this type of problem, the speed with which the euro was introduced has meant that there have been calls in many countries to shorten the cash changeover period, which has lasted between one and two months.