Although the parallels are certainly far from perfect, and I am certainly not predicting a new Depression, some of the lessons from that grim period are applicable today.
Supervisors, will of course, monitor the implementation of that guidance once consultation is final, and take appropriate and proportionate steps should banks fail to comply. A multifaceted problem Peer analysis is a critical component of any micro or macro-financial risk assessment and a key strength of ECB Banking Supervision. The guidance builds on best practice across Member States.