For euro area banking supervision, the SSM is actively writing a supervisory manual which already runs to 700 pages, and it has commenced the recruitment of staff in Frankfurt to implement the model in the banks it will supervise.
On top of this, we have the evidence from Hausmann et al (1999) that those Latin American countries which embraced floating during the 1990s experienced substantially larger changes in interest rates 6 7  8  See Cooper (1999, p 16).