Establishing Europe’s macro-prudential framework One of the overarching objectives of the reforms carried out in recent months in Europe and the United States has been the near simultaneous establishment of a new supervisory architecture. On both sides of the Atlantic, new legislation has been enacted with the specific  aim of overseeing systemic risks in the financial sector as a whole.
This represents considerable progress towards regulatory convergence across our two economies, which only a few years ago would have been considered impossible. In the EU, progress is expected to be achieved at all levels of authority. In a third of the Member States, policy-makers have announced or enacted a revision of existing national institutions.