Finally, crisis simulation exercises at area-wide level have been organised and  23  Recent research results on this topic have been presented in the ECB’s Financial Stability Review (see Special Features in the December 2004 and June 2006 issues).
This is a sine qua non, and it should not be up for grabs. At the same time, this credo should not prevent us from thinking about whether, and if so where, we can cushion any additional operational outlay caused by time pressure. A transitional period, at least as outlined in principle in March, could help with this.