A recent report published by the British Bankers' Association stated that Europe's banks need evolution not revolution in the way financial services are regulated across borders.

Closer coordination between national authorities and the creation of colleges of regulators for each international bank are among the recommendations in regulating a multi-jurisdictional bank – what cross-border banks want from the EU.

The report recommends the adoption of international financial reporting standards without national amendments across the EU and clearer and more coherent tax rules across the EU.

Angela Knight, CEO of British Bankers’ Association (BBA), said: Efficient and transparent markets need banks which can help them to invest and to grow, building business and creating jobs. Banks are absolutely integral to the EU’s progress and its continued prosperity, so closer cooperation and coordination between financial regulators is absolutely vital.