An overall analysis of the problem must include some further aspects: Firstly, the crisis has not yet been overcome, despite the IMF’s intervention and despite the reforms initiated in a number of countries. The causes - but also the resistance to solutions - are often deep-seated. It is very hard to change long-established patterns of behaviour and accustomed routines.
In my view, the cooperative supervisory model has good prospects of providing a stable setting for financial market regulation both now and in the years to come. A redesign of the supervisory architecture does not just concern the level at which competencies for supervision of individual institutions are allocated, however.