BIS central bankers’ speeches  1  That said, there are a number of qualifications that should be made to the summary picture I have just given: •  Growth around the world during this period has been uneven geographically. China and other emerging market economies initially led the recovery while Europe tended to lag.
Financial trilemma All in all, the mismatch between the scope of international bank operations and the national supervisory framework made the situation extremely challenging. With the overarching objective of financial stability in mind, the situation can be described as “financial trilemma”, as Dirk Schoenmaker has proposed.1 In principle, you can envisage three solutions to the financial trilemma.