However, cooperation between equals in such an environment is difficult, which is to say inefficient, all the more so in a crisis. It is thus necessary to establish mechanisms to ensure that decisions on macroprudential policy are made sufficiently rapidly and in a way that takes systemic interactions into account.
The issue of the optimal structure of supervision was discussed well before the recent crisis, with the FSA in the UK being seen as the prototype of a unitary regulator outside the central bank, the twin peaks Dutch model as another prototype, and various models of coordination and non-coordination among multiple regulators providing additional potential models.