There have been of course problems, especially in the European insurance sector, exacerbated by natural catastrophes, but all financial institutions have managed through. Undoubtedly, those who make mistakes, or are simply unfortunate, suffer in a market economy. Nonetheless, such problems, whenever they surfaced, were contained and did not have systemic repercussions that could threaten the macroeconomic stability of our economies. Indeed, in our E.U.
economies we have long recognized the key role of the banking sector and its health has been a constant preoccupation of the authorities, especially of Central banks which, even those not directly involved in supervision, have a wider responsibility for the good functioning of the financial system as a whole and the payment systems.