Given the fact that consequences of a systemic financial crisis can be quite substantial, the optimal monetary policy might at times chose to err on the side of caution, in order to reduce the probability for a crisis to a very small 11 likelihood .
In these colleges we provide for several IT tools to encourage as much information-sharing and cooperation as possible, provided that the confidentiality of supervisory information is assured. Conclusion Ladies and gentlemen, let me conclude. The crisis has reminded us all too well that a new structure for financial supervision in Europe is urgently needed.