To allow each institution to operate in a balanced way, within its own responsibility and without exceeding it, it has to be assigned a precise task, given the independence to pursue it, and the obligation to account for its actions. This means that the institution must have the operational capacity and necessary autonomy to achieve its goals.
But that means that financial policymakers do have to have a seat at the table when these regulations are being developed. This requires a shift in the thinking of both financial and non-financial regulators. More horizontal cooperation needs to be mirrored by more international cooperation.