Well, in principle, I am ok with this and frankly, I would be surprised if we did not have a single EU financial regulator in say 10 years. But yes, slowly does it, financial regulations, when enacted in a rush, always throw up problems, and unfortunately at the time when you are least (politically, economically and financially) able to handle it (such as this spectacularly stupid and incompetently handled Northern Rock Crisis). But execution is KEY!
But we need to look at how MiFID has worked out, where there is flexibility, those locations have won. Many jurisdictions have no idea what they have implemented. Many financial institutions do not know what they are faced with and they are heading towards extinction if they do not change their business models. For those who think that this will not impact, see what London faced after the big bang. There are no british investment banks left but it is now a major financial centre. Similarly, most of the european countries will end up with sales offices while the production, engineering and major distribution centres will be in say Paris, London or elsewhere.
Read and resolve to fix this.
All this to be taken with a grain of piquant salt!!!