Is this the first step of a planned “Europeanisation” of all financial supervision in the EU?
No. Ninety-nine percent of financial institutions in the EU are national, and national supervision is appropriate for them. Even regarding the forty or so large cross-border banks (which account for a majority of the assets of banks in Europe), at this stage, the issue of national fiscal responsibilities means that supervision of individual firms must remain national. However, it is appropriate for financial stability and the internal market that rule-making and co-ordination of supervision is appropriately done at EU-level.
