For Europe and especially Germany, I can say that regulators have responded to that. Examples of our response include the introduction of additional bank-specific capital surcharges or macro-prudential capital buffers. Recent events have also shown that we should examine the impact of social media and social traders on financial markets. After all, some consider SVB the first social media bank run in history.
Fuelled, in particular, by tweets. The interesting question is how we can prevent short messages from having such devastating effects. There are also claims that single name CDS on certain banks might have caused market reactions. But the jury is still out on this. Single name CDS are derivatives based on the credit risk of a single borrower.