From this viewpoint, the US system appears well-designed. In Europe, the interaction between macroprudential and microprudential authorities may be relatively complicated: the latter include the Basel Committee, the European Banking Authority, the other European supervisory authorities and the national supervisors.
Cross-participation in the governing bodies of the different authorities should limit coordination problems, but it is clear that the European regulators will be called upon to make efforts in this direction. Indeed, a proposal for a Memorandum of Understanding among the ESRB and the ESAs on the division of responsibilities between micro and macrosupervisors is now being discussed.