A Belgian committee on financial regulation, chaired by Alexandre Lamfalussy (who designed the EU's current system of cross-border supervision), has warned that the European wide bailouts of banks could lead to the rise of protectionism and undermine the EU.
The committee has issued a report that recommends the creation of an EU wide supervisory scheme for banks and financial bodies.
Were this scheme to be implemented, what would be the role of the Bank of England and FSA wrt supervision?
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