Building resilience over the past decade Yes, because the fragility that we saw in the last decade or so has been addressed by the many changes we are now familiar with, in particular New institutional frameworks operating on a pan-European basis (such as the ESRB, SSM, SRM, ESM as well as the EBA, ESMA and EIOPA); A comprehensive overhaul of the regulatory framework, most recently the MiCA legislation but also upgrades in the form of higher risk based capital requirements, better quality of capital instruments as well new liquidity standards and a capital buffer regime that provides a macroprudential system-wide overlay to microprudential requirements.
Another, more conventional determinant of stability will be the economy's degree of leverage--the extent to which debt rather than equity is financing the level of capital. The proper degree of leverage  BIS Review 14/2002  5  in a firm, or in an economy as a whole, is an inherently elusive figure that almost certainly changes from time to time.