The Bundesbank is a member of this committee and has been tasked with the ongoing analysis of developments relevant to financial stability and with identifying threats. Where appropriate, we can propose that the committee issue warnings and, if necessary, specific recommendations for action. 5.
The “cobra effect” and the preferential regulatory treatment of sovereign debt  Having mentioned these, to my mind, important three aspects of “good regulation”, I would like to touch briefly on a core problem: complexity.