However, our approach to international cooperation is to make sure that every supervisor can oversee the entities active in its jurisdiction. 2/4  BIS central bankers' speeches  5 Conclusion Ladies and gentlemen, Simple answers to complex problems are comforting, but they divert our attention from the real issues. The concept of splendid isolation is a myth; it solves no problems.
If the transatlantic partnership and close multilateral cooperation are to be resilient cornerstones of the world economy, we need rational, careful decision-making, policy case by policy case; where some cases will be better dealt with in the national realm, while others will turn out to require coordinated or even cooperative approaches.