With regard to the bank-based tools, our experience at the Financial Stability Committee revealed that even the instruments in the CRR/CRDIV framework are not homogeneously implemented at the EU level.21 Some of the shortcomings can be addressed through the continuous exchange between national authorities and the ECB, but other aspects require legal changes in the SSM Regulation and in the CRR/CRDIV framework.
Thus there is probably less and less of theory that one could responsibly commit monetary policy to. Fortunately, as we take on board all these vagaries, at the same time we seem to be getting rid of some inconvenient ballast that perhaps looked a little bit too conspiratory for comfort, namely the notion that unanticipated policy may reduce real disturbances. What a relief.