The Economy

I do not rule out the proposals in Mr. de la Rosière's report, which, as I understand them, involve much closer collaboration between European regulators—he uses the concept of a college of regulators, I believe. Surely all our experience last autumn and the panic induced by the Irish independent policy on bank deposits suggest that European co-operation is needed more than ever. That is not to say that we would support an ending of national regulation—that is the bedrock on which the collaborative structure is based. A combination of the two is needed.