After an  BIS central bankers’ speeches  7  initial “set-up” period, the three ESAs are already proving to be effective in steering the coordinated efforts of the national supervisory authorities, for instance coordinating EU-wide stress tests. At the global level, significant progress has also been made on banking supervision.
Other factors included economic policies in most countries focused primarily on domestic growth and employment, the rise in public expenditure in relation to GDP, the emergence of international financial markets and increasingly large flows of hot money, which reduced the effectiveness of the restrictions on capital movements.