Second, and more important, the type of signals that are required to build a consensus with the trade unions will arise out of public policy in general and public policy not necessarily restricted only to banks. In this context, how the public policy aligns itself towards efficiency and incentive/disincentive measures becomes relevant.
Thus, a macroprudential approach to the supervision of non-bank financial intermediation should be developed. Different authorities need to work together for a better understanding of the risk of fire sales, spillovers to other financial counterparties and disruptions in credit intermediation, and to design and test potential tools to prevent and mitigate systemic risk.