2  Other forces emphasized in the literature include changes in fiscal policy, the demand and supply of safe assets and the relative price of investment. Among many others, see L. Rachel and L. H. Summers, “On Secular Stagnation in the Industrialized World,” Brookings Papers on Economic Activity 50, no.
In similar fashion, the coordinated European System of Financial Supervision (ESFS) allows Europe to manage the regulatory and supervisory challenges posed by international trade in financial services.