In Europe, a lot of progress has been made in clarifying the roles of, and the procedures to be followed by, the competent authorities (central banks, banking supervisors and ministries of finance) in crisis situations. In addition, the degree of preparedness of the authorities to manage a situation of stress can be enhanced through crisis simulation exercises.
However, there are other areas, such as deposit insurance schemes and the winding-up of financial institutions, where there is room for regulatory intervention at the EU level. Reflections on possible legislative proposals in this regard are underway.