Professor Patrick Honohan:

Well, so it's actually an amazing that they have put this with 1,000 people in the building in Frankfurt together in a very, very short period of time. It's ... I am a great believer in taking banking regulation away from national pressures and perspectives. It is always risky changing regulatory structures. It is somewhat bureaucratic; it is somewhat slow in its decision-making, though when there were crucial decisions that we have needed to have taken, we have managed to accelerate them. I am cautiously optimistic.