While traditional microprudential supervision is still important, the crisis has taught us that it is far from being sufficient for effective crisis prevention. Thus, the microprudential approach has to be supplemented by macroprudential supervision that takes due account of systemic  BIS Review 56/2010  1  risk and the overall stability of the financial system.
Likewise, an incomplete 20 / 22  BIS central bankers' speeches  capital markets union may impair the capacity of the financial system to share risks across Member States through private channels. The missing elements of the banking union, namely the establishment of a European deposit insurance scheme and a backstop to the Single Resolution Fund, should be put in place without delay.