Ciarán Lynch (Cork South Central, Labour)
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The United States has a single federal structure running across all states. In his earlier response Professor Kane indicated that the difference between Europe and the United States was there were individual member states and that the financial infrastructure was not in place because Europe was not a federal political union. However, central banks in each country have the capacity to put their own capital ratios in place; therefore, Ireland could decide in the morning to raise the bar Basel III will set. Is that an advantage that this country could use or does it make any difference?