The realization of a global banking market is one of the elements of the program provided by the oft-cited White Paper entitled Completing the Internal Market, adopted in 1985 by the European Council and confirmed by the conference that negotiated the Single European Act of 1986 (SEA). As is well known, the SEA includes a revision of the EEC Treaty. This revision appears modest in its content, at least as compared with the draft European Union Treaty prepared by the European Parliament in 1984. But it has proved to be a potent catalyst of European integration.