10  See Board of Governors of the Federal Reserve System, Division of Consumer and Community Affairs (2009), "Consumer Compliance Supervision Policy for Nonbank Subsidiaries of Bank Holding Companies and Foreign Banking Organizations," Consumer Affairs Letter CA 09-8 (September 14).
Crisis management mechanism: There needs to be a crisis management mechanism as a last resort for averting financial crises that threaten the existence of the euro area. It should contain three key elements: attaching strict economic and fiscal policy conditions to assistance, ensuring appropriate interest rate premiums and a credible involvement of private investors in the event of a default.