Or, to put a less dramatic and more nuanced spin on it, you could say that every measure can of course have side effects alongside the intended effects. At the end of the day, the costs and benefits of regulation have to be analysed and the efficacy of the measures already implemented needs to be evaluated.
This is precisely what we have agreed upon as part of our ongoing G20 presidency and we have entrusted the Financial Stability Board with the related tasks. Aside from the creation of the banking union and macroprudential supervision, there have been other institutional reforms in the euro area aimed at making the monetary union more crisisresistant.