2  BIS Review 75/2010  This is the situation that threatened us at the beginning of this month, so we saw the need to act quickly to re-establish a more normal functioning of our monetary policy transmission mechanism.
The purpose-based criterion for the allocation of tasks meets the needs deriving from the growing integration of the different segments of the financial market and makes the identification of the responsibilities of each regulatory authority clearer. The law provides, pragmatically and flexibly, for the authorities themselves to manage the boundaries between their responsibilities and identify the necessary forms of coordination and information sharing.