But let me stress a third issue with regard to optimal regulation and supervision. It concerns the undisputed aim of all political efforts in this sector: Financial stability. What exactly is financial stability? We can’t put a finger on it. Instead, as it turns out, financial stability may be a somewhat elusive goal. It is only abstract in nature.
2  BIS central bankers’ speeches  WSJ: It still seems as though credit has dried up in Spain, Italy and elsewhere. Draghi: Our last bank lending survey was done in between the time the first LTRO was decided and when it was executed, so it gives only a partial picture of what is happening. That picture was not positive.