The supervisory authorities should develop the capacity for increased surveillance of the financial system as a whole, rather than focusing excessively on the condition of individual firms in isolation; and we should revisit capital regulations, accounting rules, and other aspects of the regulatory regime to ensure that they do not induce excessive procyclicality in the financial system and the economy.
Second, the Governing Council of the ECB managed to set up an efficient framework both as regards the monetary policy strategy as well as monetary policy instruments. Finally, monetary policy in the last two years has rightly been perceived by most observers as having been appropriate to maintain price stability in the medium term.