A simple regression of changes in cash, on changes in operating cash flows, and on changes in capital expenditures - using annual data from 1957 to 2001 - accounts reasonably well for historical fluctuations in cash at U.S. nonfinancial corporations, with a regression R-squared of over 50 percent. However, in this framework, the current period appears to be an outlier.
In the long run, I therefore call for a strict line between supervisory powers and monetary decisions. 4. Unifying national and European perspectives  Where should the SSM go from here? It seems like a natural response to internal frictions to cultivate SSM processes and enhance centralisation. This might be interpreted as a blueprint to overcome frictions with national cultures.