Whereas the uniform application of prudential law by the Single European Supervisor contributes to financial integration, further progress in the institutional framework is needed. Both supervisory responsibility and the fiscal backstop need to be at European level, to underpin durably confidence in the area-wide financial system.
The other values are not directly observed, nor can they be chosen by anyone. Instead, these values result from myriad interactions throughout the economy. In the FOMC’s quarterly Summary of Economic Projections (SEP), participants state their individual views on the longer-run  -4normal values for the growth rate of GDP, the unemployment rate, and the federal funds rate.