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The development of a highly integrated euro area financial market and the ultimate establishment of a pan-European banking industry will raise the issue of the optimal organisation of supervision of the European financial sector. Today supervision is organised on a national level; financial markets are not yet fully integrated and we do not as yet have a genuinely pan-European banking industry. However, the situation is clearly dynamic. While it remains to be seen how quickly the situation will change, this example highlights the fact that the euro area is not yet an entity itself and not yet perceived as such in some respects. Looking back on the first few months of the existence of the euro, we have witnessed that singular and isolated news and data releases from individual economies within the euro area have sometimes inappropriately been interpreted as indicators for the entire currency zone. Such inadequate analysis can produce real difficulties, especially when the markets magnify and exaggerate the effects of these misconceptions. This phenomenon may possibly be explained by insufficient information about the new European framework. However, another reason might lie in the conduct and presentation of Member States’ economic policies. It appears that Member States are still learning to communicate adequately that, in economic terms, they also consider themselves constituent parts of a larger entity and thus also regard their domestic economic policy decisions “as a matter of common concern”.