Thus, real policy rates were effectively zero or negative until very recently in the US and perhaps remain below the "Wicksellian" long-term neutral rate. Real policy rates in the UK and Euro area are also generally hovering around zero. Coupled with the benign policy rates, money supply growth has increased worldwide during this period.
In Finland, the decision to put supervision close to the central bank was made already earlier [– in 1994 regarding financial sector supervision and in 2009 also insurance sector supervision – ] based on lessons learned from the banking crisis in the early 90’s and on practical reasons like efficient use of limited resources in a small country.