Dr. Cyril Roux:

In a sense, it is an act of faith, the same way that creating the Single Market or the EU is an act of faith. It is an expression of the political will of the member states and the way the EU has been constructed. There are other acts of faith that we will come back to later. Any supervisor in any member state of the EU is able to supervise business conducted anywhere. It is an act of faith to say a person can establish a company in Gibraltar or anywhere else and can do any kind of business anywhere in Europe and be supervised by the local supervisor, that local supervisors are in a position to supervise business written far and wide in a different legal environment and a different language. This, too, is an act of faith.