That is, no one had the 25,000-foot view of what was happening across the organization, and this led to internal control shortcomings that were not identified and to opportunities for employees to take unfair advantage of other market participants. Moreover, the compliance function did not have the status and perceived importance it should have had.
The euro area has been benefiting from a turn in the inventory cycle and a recovery in exports, as well as from the significant macroeconomic stimulus under way and the measures adopted to restore the functioning of the financial system. However, a number of the supporting factors are of a temporary nature.