Mr. Mario Nava:

The Commission is responsible for bringing forward the regulation and that is what it always does, in all instances. I do not think that the Commission can be said to have waited excessively long. Banking regulation is something which is discussed at a global level. At that global level, one must think of Basel I and Basel II. In global fora, the Commission has always followed that and has always been at the forefront of the debate. What has happened is a progressive move away from a national situation to a European situation. That is what has happened and that is what we have tried to gauge with regulation.