Labour had thought that regional economic development agencies, which will start work in April, plus appointed regional supervisory bodies, would be enough to be going on with.
Eventually, this set of reforms will have a global impact, and, from the point of view of Latin-American banks, we are ready to work with them and implement them using our own supervisory agencies.
The EU is also moving towards banking union within the eurozone and is planning to have a eurozone-wide regulatory system, the Single Supervisory Mechanism (SSM), which it hopes will begin its work by the start of next year.