For the first time we will see a European federal authority.

The European authorities are not prepared to deal with such a situation.

These are the three European authorities on banking, insurance and the stock market.

The European authorities therefore need to take action on two fronts.

We do not want a stalemate between the national and European authorities.

In my view, however, the government has a role to play here, as do the European authorities, which certainly have a coordinating task.

This industry has often sought and obtained the support of the European authorities.

The scandal has made the European authorities sit up and take notice.

Regarding point four, we of course require a European regulatory authority.

This does not alter the fact that one day we will need the intervention of a European authority.