I would be amazed if the current debate in the United States were to lead to a Federal Reserve System that no longer had a close link with micro-prudential supervision, since this does not appear to me to be the lesson that should be drawn from the crisis at all.
I would add that the ECB has very close and confident relations with the Federal Reserve System. The IMF has warned that there are still many toxic assets on banks’ balance sheets. Is this a problem that will re-emerge at some point? I think that there are two issues.