That said, it seems to me that the cross-border adverse spillovers and excessive global liquidity and the resulting capital flow management difficulties, deemed to be at the root of the crisis, have, to a large extent, failed to be resolved when we look at the international coordination efforts so far to deal with the crisis and what they have involved.
The current institutional set-up of the ESRB reflects these different perspectives, and the ESRB has been effective in coordinating these perspectives across European countries. 2/5  BIS central bankers' speeches  The ESRB as a body of independent experts provides a forum to openly discuss macroprudential issues from different angles.