It looks like just another spat between Little Englanders and the devious French. In fact, it is more complicated than that. At issue is how to oversee the fast-growing pan-European securities markets. Should supervisors continue to rely on cooperation and mutual recognition among the European Union's 15 national securities regulators (soon to become 25)? Or should there be a single central supervisor of trading in European securities, and perhaps of banking and insurance as well?
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