14 Bartelsman, E., Lopez-Garcia, P. and Presidente, G. (2017), Factor reallocation in Europe, ECB mimeo. 15 Adler, G. et al. (2017), Gone with the Headwinds: Global Productivity, IMF Staff Discussion Notes, 17/04,  International Monetary Fund. 15 / 15  BIS central bankers' speeches
In my view, the cooperative supervisory model has good prospects of providing a stable setting for financial market regulation both now and in the years to come. A redesign of the supervisory architecture does not just concern the level at which competencies for supervision of individual institutions are allocated, however.