another, more recent research ( liendrop at al., 2011 ) suggests that the overall level of transparency of supervisors in industrial countries is very similar to transparency of supervisors in emerging economies indicating to positive movements in emerging markets in the area in recent years. indeed, supervisors seem to endorse transparency. in 2006 the basel committee on banking supervision, in the basel core principles for effective banking supervision, first mentioned that supervisors should follow transparent processes. this means that supervisors should disclose their objectives and bis central bankers ’ speeches framework and be held accountable for performing their duties in line with those objectives and framework. the capital requirements directive iv ( crd iv ) stipulates that supervisors need to publish relevant information on the laws, regulations, administrative rules and guidance, information on options and discretions, the general criteria and methodologies used in the supervisory review and evaluation process, and aggregate statistical data on the implementation of the prudential framework, including the number and nature of supervisory measures taken and administrative penalties imposed. the european banking authority ( eba ) acknowledges the need for supervisory transparency and has set up guidelines for supervisory transparency ( cebs, 2010 ) intended to increase the transparency of supervisory practices and to enhance the comparability of national practices. furthermore, eba publishes relevant information of all eu countries on supervisory laws and regulations and statistical data on national banking sectors, risk indicators and supervisory actions. while the benefits of greater transparency in supervision are broadly recognized, the level of disclosure remains a challenging issue. this relates to the specifics of the supervision as it obtains sensitive information with respect to the state of individual banks that if publicly disclosed may affect its competitive position. given this, what one could expect is for supervisors to continue to increase transparency when it comes to the authority itself disclosing more information on the supervisory model and the methodology used to evaluate the risk profile of individual banks, while retaining their “ secrecy ” when it comes to sensitive information concerning individual banks. this should enable markets to better understand the supervisory actions, enhance accountability of the supervisors in front of the general public while protecting market - sensitive information. tackling the issue of board effectiveness, there is a growing consensus nowadays that welldesigned committee makes important prerequisite for qualitative decision - making in central banks. the role of the committee for sound policy making is probably best noted by warsh ( 2015 ) in his observation that “ monetary policy is made neither by rule nor by discretion. it is made by committee ”. the

##way over the last three quarters. however, the period of near - stagnation which the us economy is currently experiencing is not likely to be too prolonged. the resolutely expansionist nature of us monetary and fiscal policy, combined with a weak us dollar that favours exports, should help to reenergise the us economy. a recovery is expected towards the end of the year, albeit a tentative one, given that the deterioration in the employment outlook, the erosion of purchasing power and the fall in property prices look set to weigh on consumer sentiment and income. europe represents the second pole in the global economy. although the continent enjoyed strong growth during the first quarter of 2008, the remainder of the year should see a slowdown. a number of factors will contribute to this loss of momentum. first, the strong euro and the sharp downturn in the us economy are dampening exports. the sub - prime crisis has led to a tightening of credit conditions, while consumer confidence has deteriorated. this will have a knock - on effect on consumer spending. however, the slowdown in europe will be much less pronounced than in the us, although the subsequent pick - up in economic activity will also probably be gradual. the asian economies, which constitute the third major hub, continue to exhibit strong growth as a whole, since they remain virtually unaffected by the slowdown in the us economy. nevertheless, they have been hit by rising commodity and food prices, which are seriously reducing incomes. regional variations aside, it would therefore be reasonable to conclude that the global economy, as a whole, is not witnessing a significant slowdown at present – as opposed to one of the rather more alarming scenarios that were only recently being mooted. the impact of the crisis in the financial sector on the rest of the economy has been felt less acutely and a lot more slowly than could have been expected. it is precisely the continued robust global growth which is the main reason for the sharp rise in food and oil prices – although market speculation may have accentuated this trend. in most countries, the rise in the price of oil has translated into an increase in consumer prices. after remaining at a moderate level for a long time, inflation is again a cause for concern. this increase in the indices risks destabilising inflation expectations, which have remained very stable over the last number of years. swiss economic outlook last year saw the swiss economy still operating at a dynamic pace, but there was a distinct fall - off during