The recent agreement appears to be a further step in that direction, with risk being shifted from the private sector onto the European public sector. I would view this as a step on the road to an eventual solution, though European policymakers continue to face a very delicate task in preserving the combination of fiscal sustainability and the single currency.
Regulators are therefore challenged to define their role in a constantly evolving dynamic environment. 8. In response to that, the Bank has recently reviewed,  amended, and consolidated the existing payment systems 5  BA  ES  O F GH  A  NA  NK  T. 1 9 5 7  regulatory framework.