Now, almost two years into the worst financial crisis in Europe’s recent history, CEPS CEO Karel Lannoo finds that the EU seems to be incapable of drawing the necessary lessons. If Europe is serious about tackling the crisis and wants to be seen as such, he argues that it needs to make proposals for a European system of financial supervisors, not a network. This means empowering a strong centre which can, following the principle of subsidiarity, effectively and unequivocally act on behalf of the European interest and police national supervisory authorities.