Today, calamities of single financial institutions may quickly provoke a chain reaction and ultimately lead to a systemic crisis. This calls for the global coordination of supervisory activities. –  The second lesson to be learned is thus that the health of a single financial institution is no sufficient condition for its immunity against contagion.
Microfinancial supervision, therefore, needs to be supplemented by macrofinancial supervision. Around the world, central banks and financial supervisors have taken this aspect seriously and have started to establish new supervisory authorities and strengthen the coordination of supervisory bodies, both at the national and the international level.