We are also continuing to pursue a range of community bank projects to provide pathways to innovation that I mentioned earlier this year. While it is essential to safety and soundness that banks understand, monitor, and mitigate risks associated with their third parties, I am sensitive to the burden that due diligence can pose.
They knew full well that unwelcome developments in the fiscal policy of one member state could jeopardise the stability of the entire structure. And that is precisely what happened when the sovereign debt crisis hit.