Whilst
DaySleeper has uncovered a little on the Finnish perspective.........
http://europa.eu.int/comm/transport/air/rules/doc/consultation_3_package/contributions/finland-civilaviationauthority.pdf
they are not alone in thinking along these lines:
Excerpt: 12 June 2003
VIEWS OF THE FINNISH CIVIL AVIATION ADMINISTRATION on the Commissions consultation paper on the revision of the regulations (EEC) no 2407/92, 2408/92 and 2409/92 of 23 July 1992, forming the third air transport package.................. As it is uncertain how the new EU Member States will manage to fulfil their safety oversight obligations, we stress that full liberalisation of air transport must be connected to flight safety safeguards. In any case the possibility to use a flag of convenience should be prevented.
More to chew on chaps.
TG