Third, and principally as a transparency endeavor, I would endorse creating a word-searchable database on the Board’s website with the historical interpretations by the Board and its staff of all significant rules. Regulatory interpretations by Board staff have grown piecemeal over the decades and haven’t consistently been treated as the valuable resource they are.
This phase of the crisis deeply affected euro area banks because, unlike in other jurisdictions, no institutional frameworks were available to swiftly address problems. Banks’ needs for fresh resources put a growing strain on the public finances of those countries whose banking sectors had been allowed to grow to outsized proportions relative to the underlying economy.