In the US, a discussion has already started on how to improve coordination between the various authorities and on how to put the Federal Reserve in a position to better contribute to financial market stability. Tim Geithner has recently called for more powers to be given to the Federal Reserve in the field of oversight.
In the European Union, the European Commission has launched initiatives to further reinforce the legal underpinnings for the cooperation and the exchange of information between supervisory authorities and central banks, and to build a consistent institutional framework for such an exchange. These initiatives are strongly supported by the ECB and should be implemented soon. Improving the institutional framework is necessary, but not sufficient.