Mr. Ed Sibley:

To add some colour to that, let us take banking as an example. The ECB, through the Single Supervisory Mechanism, is responsible for authorising any material changes to a banking licence or any new banking licence across the eurozone. That level playing field is hardwired into the system. I sit on the supervisory board of the Single Supervisory Mechanism, so I see every single bank authorisation that comes through and we can be assured that at banking level, there is absolute consistency of standards in terms of authorisation and material changes. What the SSM is doing, by leading in getting guidance out and discussing these issues early, is making sure they set the standard at a European level and that is being picked up by other European supervisory authorities which do not have quite as strong a mandate but which have a mandate nonetheless.