The supervisor, to be sure, will require that the procedure be comprehensive, systematic, and consistent with certain broad guidelines. These guidelines specify such factors as the necessity for independent risk management, board and senior management oversight, audits, the use of historical internal and external loss data, scenario analysis, and so forth.
In France, a question comes back often: the mythical 3% of deficit which was fixed in Maastricht 22 years ago. This was in very different universe and Europe. There were  BIS central bankers’ speeches  1  not 28 member states, didn’t go through a worldwide crisis with as much unemployment, the French people were not 65 million.