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In the aftermath of the economic crisis, that began in 2007 in the U.S.A. and spread to the European economy, weakening the EU, every discussion about its causes and how to address them was linked to the absence of a suitable supervisory1 framework. The EU has been accused of lacking sufficient legal tools both at a precautionary level as well as for crisis management.2 Even though the internal market of financial services had been making progress, up until 2007 there were no truly centralized3 mechanisms and tools to supervise financial activities, identify their complexity, their risks and the interconnections between…