In this context, effective institutional mechanisms should be in place to ensure adequate information-sharing between the ESRC and the micro-prudential supervisors. Second, the risk warnings and recommendations should be effectively translated into followup actions by the competent supervisory authorities. This requires adequate monitoring and enforcement mechanisms.
Third, the global dimension of the financial system calls for strong cooperation and coordination between the ESRC and the IMF and FSB. Finally, let me stress that financial stability ultimately starts at the local level, as all decisions need to be effectively implemented in the national context.