This, of course, encouraged a “you scratch my back and I’ll scratch yours”. Put differently: “I won’t punish you today if you don’t punish me tomorrow.” Looking back, it must also be noted that the financial markets did not have the desired disciplining effect on fiscal policy. Investors turned a blind eye to the misbehaviour of some member states for far too long.
If your business crucially relies on digital processing, any strategic decision at the company level requires knowledge and understanding of risks. Besides, we frequently observe that banks find it difficult to reorganise their IT systems. While a complete, “big bang” overhaul may be preferable, it often meets with resistance from many parts of the company.