We must not forget the far-reaching political implications, either. After all, national supervisors in Europe would have to hand over a large chunk of their political sovereignty. This also raises the issue of the democratic legitimacy of such a centralised structure.
Most fundamentally, our discussions of the pervasive uncertainty that we face as policymakers is a powerful reminder of the need for humility about our ability to forecast and manage the future course of the economy. References Bernanke, Ben S. (2004). "Fedspeak", speech delivered at the Meetings of the American Economic Association, San Diego, January 3, www.federalreserve.gov/boarddocs/speeches/2004/200401032/default.htm.