This serves to internalise the constraints which I outlined earlier. In the Netherlands, supervision is, on the one hand, enforced by a statutory framework, providing for rules and obligations for financial institutions and sanctions for non-compliance. On the other, it was set up in a “partnership” with the financial sector. The financial system helped to shape supervision as we know it.
In other words, the currently much-acclaimed Dutch polder model concerns not just the cooperation between government and social partners, but in a sense also the supervision exercised on the financial sector, with all parties involved acknowledging that proper supervision serves a common purpose.