Does that mean that the credibility problem has automatically been solved? Many politicians - but also quite a few economists - think so. In Germany, for instance, commentators incessantly point out that the ECB Statute, especially as regards its constitutional status, is even more rigorous than the Bundesbank Act.
Conclusion The role of the financial sector is to channel savings to productive investment, and to help households and businesses manage the risks they face. As long as there is leverage, maturity and liquidity transformation, and credit intermediation, there will be risk. Managing risk is at the heart of financial services. Sound risk management is also essential to the public good of financial stability.