Finally, I will conclude by underlying the importance of some initiatives aiming to strengthening the responsiveness of national and European authorities at times of crisis. 2. Policy response to the weaknesses revealed by the financial turmoil  Let me start by discussing, in broad terms, the main areas where weaknesses have been brought to the fore by the turmoil in the global financial markets.
This is of particular importance, since a thorough understanding of the underlying developments that contributed  1]  I am very grateful to Fabio Recine and Valia Rentzou for their valuable contributions. BIS Review 128/2008  1  to the emergence of the financial markets turmoil or accentuated its impact constitutes the basis for the definition of proper guidance by policy makers.