BIS Review 19/2009  3  •  However, the move to such a system requires a strong political commitment and probably also stronger political integration; moreover, a number of preconditions especially with respect to burden sharing arrangements would have to be fulfilled.
I would therefore suggest establishing some kind of “Masterplan”, a roadmap towards a European System of Banking Supervisors with defined milestones and timelines. Necessity of coordinated stimulus packages •  The financial crisis has become an economic crisis. Consumer confidence is rapidly decreasing, and growth forecasts for industrialized countries have been revised downwards several times during the last weeks.