As the EBA pointed out, it is now important that banks maintain their capital levels on the path to the Basel III framework. The other important lesson from the crisis is the fundamental inconsistency between the single monetary policy of the euro area and the national responsibilities for banking policies.
A key feature of the present crisis is the increase in the correlation between the cost of funding of euro area banks and that of their respective sovereigns, particularly in some peripheral economies. Countries suffering from a loss of market confidence have become progressively more dependent on domestic sources of funding and less responsive to common monetary policy impulses.