The issue of derivatives oversight is just one example of where international cooperation is essential. 3. The second mission: supervisory integration in Europe  Ladies and gentlemen, I have discussed some of the regulatory answers to the financial crisis. But regulation is only one answer to the crisis.
The crisis has also shown that banking supervision failed to keep pace with the increasingly international developments in the banking sector. Instead, it remained confined within national borders. In Europe, the response to this observation has been a leap in integration.