It is this distinction that is required when we are analysing the type of policy responses. Fifth, as far as the financial markets are concerned, the money markets have been reasonably stable and the forex markets have also been stable. In the government securities market, however, there have been certain concerns.
•  And fourth, common banking supervision also facilitates measures to deal with cross-border systemic effects. This, too, would have gone a considerable way towards preventing the current crisis, and would have helped to deal with it more effectively. To sum up: common supervision could make the banking system more resilient and crises less likely.