The drop in production in the car sector following the introduction of a 1/6  BIS central bankers' speeches  new international regulation on emissions from light-duty vehicles has also played an important role. Against this background, the European Central Bank’s monetary policy continues to be highly expansionary.
This gives supervisors better insight into what management is doing about inherent risk. Ladies and gentlemen, my call to you therefore is let us do our job! As you are aware Enron, Adelphia, WorldCom, Société Générale and Barings Bank, to name but a few represent massive corporate failure resulting in untold damage to employees, investors, creditors and economies; but who is to blame?