ABSTRACT
As even a brief overview of the recent developments in the process of integration of both financial markets and of some of the rules concerning monetary obligations indicate, there is a bottom-up pressure, deriving from operators, that calls for rules to be made uniform.1 The open issue remains that of the identification of the subjects that will be in charge of completing the integration process. For the markets, the debate focuses on the type, the functions, the role and the number of regulators. As for the discipline of monetary obligations, the questions concern the identification of a legitimate source for the adoption of uniform rules across member states, and the subjects who are to assume the role of the new supra-national legislator.
