Increasingly complex air path concepts are investigated to achieve a substantial reduction in fuel consumption while improving the vehicle dynamics. One promising technology is the two-stage turbocharging for gasoline engines, where a high pressure and a low pressure turbocharger are placed in series. For exploiting the high potential, a control concept has to be developed that allows for coordinated management of the two turbocharger stages. In this paper, the control strategy is investigated. Therefore, the effect of the actuated values on transient response and pumping losses is analyzed. Based on these findings, an optimization-based control algorithm is developed that allows taking both requirements into account. The developed new controller allows achieving a fast transient response, while at the same time reducing pumping losses in stationary operation.