For example, had there been a much more developed monitoring system, covering also the nonregulated financial sectors and the so-called shadow banking system, as well as a more granular and frequent picture of the main exposures of and among the large and complex financial institutions, a better insight could have been gained into the scope for the crisis to erupt and to spread across financial systems.
And now, it’s time for regulators – not only in Europe, but worldwide, too – to review the existing regulatory approaches in order to ensure the safety and efficiency of payments. This responsibility is also enshrined in the mandate of the Bundesbank and of the other central banks around the world in their capacity as overseers.