A single centralized financial database gives a lot of leverage for additional taxation or costly "compliance requirements" by the EU bureaucracy. Beware of what you wish for.
That's not what I imply. I'm saying that it eases the creation of new taxes, which are ever-increasing in the EU due to the social welfare costs that increase with immigration and aging populations.
Or new compliance obligations, such as recently the new need to provide a source of fund if you buy a watch worth more than 10k€. The watch seller has to then pay a specialized company to analyze it, the customer loses time on trying to get the documents, you leak private data to unknown parties and compliance agents will know everything about you. So much for the "privacy".
