Let us not forget that financial actors and entities, as living organisms, will eventually discover and make use of any available loophole. If there is any way to evade short-term pain, an industry worth trillions of euros will always look for it. When I say this I am not expressing criticism, I am simply stating the facts.
Bypassing the rules is a key reason why regulation has become even more complex. But there have been more lessons learned. One important realisation has been that a robust banking sector requires more than one line of regulatory and supervisory defence. It is true that solvent banks are central to financial regulation and supervision.