The supervision of cross-border financial institutions has long been organised on the basis of “he who pays the piper calls the tune”, as Charles Goodhart, the economist, puts it. In other words, since public money is at stake when bailing out insolvent banks, supervisory responsibilities are inextricably linked with fiscal policy. This has been the main rationale for supervisory powers remaining at national level, where taxation powers lie, even within the European single market.
正如經濟學家查爾斯•古德哈特(Charles Goodhart)所言，長期以來，對跨境金融機構的監管一直依照「誰付費，誰有權決定一切」的原則。換言之，公共資金在爲破產銀行紓困時面臨著風險，因此監管責任不可避免地與財政政策聯繫在一起。這是監管權力停留在國家層面的主要理論依據，即使在歐洲單一市場內部，也是這種情況。因爲稅收權力停留在國家層面。
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