[12] See Beyer, A., Cœuré, B., and Mendicino, C. (2017), “The crisis, ten year after: Lessons learnt from monetary and financial research”, Economics and Statistics, No. 494-495-496, pp. 45-64. [13] See Rochet, J.-C. and Tirole, J. (2002), “Cooperation among Competitors: Some economics of payment card associations”, Rand Journal of Economics, Vol. 33, pp. 549-70. [14] See Cœuré, B.
Conversely, it means that the weaker the supervision, the stronger 1/4  BIS central bankers' speeches  the banks. The truth is that strict supervision leads to strong banks. Institutions become more resilient when supervisors require them to hold adequate capital to cover their risks and insist on sufficient liquidity and better risk management. The US institutions received comprehensive state aid during the crisis.