For instance, in the Asian crisis, regulation and supervision of the banking system was weak in many instances, as was corporate governance in general. Similarly, the recent financial crisis revealed gaps in regulation and supervision, especially in segments such as the shadow banking system, as well as the lack of a macro-prudential approach to financial supervision.
However, we continue to stand ready to react to downside shocks. While cyclical conditions have improved, we still need to address, without delay, the legacy of the crisis and reinforce the structural underpinnings of our Union. Tomorrow would have been the 97th birthday of a former President of the European Parliament, Emilio Colombo.