Spain was desperate to avoid this, as the sovereign bailouts have previously come with politically unpopular demands to cut spending and raise taxes and close supervision of the countries' finances.
The logic goes further still – to climate change, tax avoidance and bank supervision.
And the issues you quote (climate change, tax avoidance and bank supervision), if I may say so, don't require pan-European responses, they require global responses.
Its significance is greatest when the area is one of traditional year-by-year supervision, like tax, where watchdog committees are considering and revising the statutory scheme.
Lack of effective supervision, combined with tax farmers' desire to maximize their profits, had produced a system of arbitrary exactions that was often barbarously cruel to taxpayers, widely (and accurately) perceived as unfair, and very harmful to investment and the economy.
In all other respects the decree is affirmed, each party to pay its own costs in this court, the expenses of printing the record and the fees of the clerk for supervision to be taxed one-half to each.
The prime minister called for offshore tax havens to be brought under global supervision and for bringing the "shadow banking system", including hedge funds, into the regulatory system.
Well-regulated centres co-operate with foreign tax and other authorities and have sound supervision; poorly regulated ones hide behind secrecy.
This has been happening for some time and some progress has been made or is about to be achieved - for example, banking supervision and the financial transaction tax.
We need common financial market supervision and a financial transactions tax.
