And often, there are differences with previous shocks. And it is up to us to distinguish between them. To draw on lessons learned for what is similar. And to look for new lessons for what is different. We have learned a lot from previous shocks. They allowed us to identify vulnerabilities in our financial system.
For financial services, the Bank operates under a common framework for regulation and supervision. At a European level, regulatory authorities operate as part of the European System of Financial Supervision (ESFS) which promotes consistent application of European legislative requirements. Potential new entrants pose a challenge to us as an organisation in terms of planning and prioritisation. However, we are meeting this challenge.