Few could accuse the European Securities and Markets Authority of wasting time in setting about the sprawling task of helping to shore up Europe’s financial regulatory system since its creation nearly three years ago.

The Paris-based agency, one of three European super regulators formed in early 2011, has already amassed an impressive CV, including drafting technical standards for the European market infrastructure regulation, supervising rating agencies and introducing new short-selling rules - not bad for an entity still very much in its infancy.