Moreover, it became clear that financial institutions needed to plan for the possibility that an external threat - a failure in the critical infrastructure or by a major service provider or material counterparty might severely impact a financial institution's business operations.
This does not exactly foster any willingness on the part of member states to agree to restructure a programme country’s debt. Instead of a truly viable solution being reached, when push comes to shove, a strategy of 7/9  BIS central bankers' speeches  muddling through would win the day.