In a globalized financial marketplace, with large and powerful participants, individual action by national authorities would be bound to fail. By the same token, the  15  B. De Finetti, Lezioni di matematica attuariale, Roma: Edizioni Ricerche, 1957, p. 71 (my translation). 16  H. A. Simon, “The role of expectations in an adaptive or behavioristic model”, in M. J. Bowman (ed.)
Expectations, uncertainty and business behavior, New York, Social Sciences Research Council, 1958. BIS central bankers’ speeches  11  boundaries of supervision should be widened to encompass all relevant intermediaries, regardless of the specific industry sector they belong to. I have discussed the work underway, highlighted the results achieved and stressed the areas where more effort is needed.