Using a methodology that also attempts to correct for two-way causality between the funds rate and asset prices, and data for post-1993 scheduled FOMC meetings and Chairman's testimony dates only, they find comparable though slightly higher values for the effect of monetary policy on the stock market. For example, they find a policy multiplier for the Standard and Poor's 500 index of 7.7.
One element is joint banking supervision for large banks, the Single Supervisory Mechanism. Joint supervision would allow banks everywhere to be supervised according to the same high standards. It would also make it possible to take better account of cross-border effects. But all of that cannot entirely rule out the possibility of bank failure. And that is a good thing.