So in looking at pan-European reform, let us not forget the national dimension. Fifth , and lastly, it is important to recognise that there is a considerable degree of co-operation between regulators already. Regulators are very much aware of the pace of change within the industry and are therefore inspired to work towards greater convergence themselves. But, as I said at the start, we do not take the view that all is for the best in the best of all possible worlds. The single market in financial services is not yet delivering its full potential benefits for capital raisers or for consumers of financial services.
Markets remain fragmented, and there are still many internal barriers, both informal and formal.
It is absurd that, even with a fair wind, a new Directive scarcely ever takes less than three years between inception and delivery. These two points are, in practice, closely linked. In our view such moves would be, at best, premature. Part of the reason is a practical one. Without harmonised regulation, or the ability to enforce its regulations, a pan-European securities regulator would be ineffective.