Nevertheless, even considering this background, I hope I have been clear about what I consider the prime drivers of the European crisis, namely the role of the financial sector and of the international financial crisis.
Market forces will operate more efficiently with information about banks that has usually remained largely hidden from investors in anything but the most aggregated form. The regulatory system will operate more effectively if the supervisory process integrates market information which should, as a result of innovations such as a resolution mechanism, be even more sensitive to the conditions of financial firms.