The president of the Supervisory Council at the European Central Bank, Danièle Nouy, said more work was needed to create a single European banking system, reports the
Wall Street Journal. Nouy said there were 150 different supervisory options and national discretions allowed for national regulators to bend what are meant to be common capital rules to fit local circumstances. The task of trying to create a single rule book for 19 different countries at various stages of financial development and strength has led to members opting out. Nouy said members should look to Greece's current financial status to remember why one rule book was important.