In all of this work, coordination and cooperation among regulators, domestically and internationally, are critical because the same firms are the core firms in each of the principal global financial centers. Effective oversight of these firms generally can be conducted only by the home country supervisor, which alone has the authority over a firm's consolidated global operations.
Chart 3 Risk premium indicator − EMBI by country (daily, in basis points)  Chart 4 Movements in exchange rates of national currencies against the euro* (September 30, 2010 = 100) 112  800  108  700  104  600  100  500  96  400  92 88  300  84  200  80  100 7 2011  8 2011  9 2011  76  10 11 2011 2011 Bulgaria Serbia EMBI Global Composite  Hungary Poland Croatia Turkey  9 11 2010  12  1  2  Turkey Poland  3  4  6  7  Czech Republic Hungary  8  9  10 2011  Romania Serbia  * Growth indicates appreciation.