In which region would the resulting allocation of credit and level of financial sector performance be closest to the “optimal” outcome? The answer to this question is not immediately clear. The sovereign ratings assigned by Moody’s moved in a broadly similar fashion. BIS Review 1/2000  12  A fourth hypothesis focuses on the speed and effectiveness of the policy response.
The plan published by the European Commission in November 2012 and the report of the President of the European Council in June of the same year set the stage for a further strengthening of the EMU. The SSM has been a success story.