It has included - besides the stability-oriented stance of monetary policy, which has helped, for instance, to avoid exaggerations in asset prices (“asset-price inflation”), the primarily long-term oriented financial market culture and efficient banking supervision - above all the mechanisms of internal control and peer-group pressure in the banking industry.
I may mention as examples the very far-reaching deposit guarantee scheme in Germany and the joint audit associations of the various large categories of banks. BIS Review 40/1999  6  Correspondingly, in the event of a crisis, all possible private sector solutions are normally sounded out first, just as in most other countries.