To the contrary, the  1/3  BIS - Central bankers' speeches  turbulence this spring shows that the Basel framework – which has regulatory and supervisory pillars – needs to be seen and be implemented, in its entirety. For example, in the ECB, the check of regulatory measures such as the LCR is complemented by additional supervisory liquidity risk monitoring.
The euro area crisis has often been described as the combination of a sovereign debt crisis, a banking crisis, and a macroeconomic crisis.1 Here, I will take a different perspective and argue that some key dimensions of the crisis are not specific to the euro area. I see three key dimensions of crisis that we have to deal with.