I’ve spent much of my career working on monetary policy, and it strikes me that there are certain parallels between the current desire for a more rigorous framework for prudential policy and the search for rigor in monetary policy that occurred after the breakdown of old certainties in the 1980s and 1990s.
But pretending we can achieve better European regulation by simply ‘allocating’ the task to one regulator is not the answer.”  2  BIS Review 33/2007  Commission, too, has advocated stepping up cooperation within the established structures and pressing ahead with the convergence of supervisory rules. Still, please allow me to make some remarks on the concept of a “lead supervisor”.