During the course of the year the ECCB was the focal point of a Financial Sector Assessment Programme conducted by a joint team from the IMF and the World Bank, which reviewed areas of risk to the financial system including weaknesses in the regulatory and supervisory framework for financial institutions.
and S. Steffen (2014), ‘The greatest carry trade ever? Understanding Eurozone bank risks’, Journal of Financial Economics 115, 215–36. Bain & Co and Institute of International Finance (IIF) (2013), Restoring Financing and Growth to 10 / 11  BIS central bankers' speeches  Europe’s SMEs, Washington, DC. Caballero, R.J, T. Hoshi, and A.K.