This allowed us to make a start on integrating the different regulatory organizations early on, even though we continued to operate for a time under different laws for banking, insurance and capital markets. In short, a single regulator in our experience has offered many benefits – but it is not an instant solution.
It is natural to see central banks playing an important role here, given their knowledge of the financial system and their macro reflex typically adopted in the monetary policy domain. That is a clear trend we see worldwide since the crisis.