Industrial countries can ill-afford to be sanctimonious on this score -- many of us have experienced the adverse effects of poor prudential supervision or lack of political will to close failing financial institutions -but good management and strong supervision of financial institutions is clearly a key to withstanding economic shocks.
It was as a reaction to this challenge that the EU launched its project of a Banking Union, of which some components are already in the process of being implemented while others are still in preparation.