For example, more than one thousand people were held criminally liable when many US savings and loans associations folded in the 1980’s. On the other hand, with the possible exception of a handful of cases such as that of Bernie Madoff, no criminal prosecutions were undertaken against the staff and management of financial institutions during the recent crisis.
The tensions and problems are due to the absence of sound, rigorous and correct management by the countries themselves: they have the primary responsibility. Second, they are due to the lack of rigorous surveillance by all the other countries, which is required by the Stability and Growth Pact. Question: Could more euro area countries (e.g.