First, we need to sever the sovereign-bank nexus. A strong inter-linkage between banks and sovereigns increases the probability of a bail-out by other member states and weakens incentives for risk-oriented pricing.
If, however, there are  2  BIS central bankers’ speeches  measures that have had adverse side-effects contrary to their original purposes, such as the lowering of work efficiency, they will need to be improved on as soon as possible. And so I will begin to work on this immediately.