Bank employees must review thousands of pages of documentation, and the workload per vendor can be the same for all banks, regardless of their asset size and number of employees. And as someone who has been involved in this compliance work, I know that it’s not as if other responsibilities can wait—community bank employees often wear several hats.
Turning to the necessary policy response at the European level, the reinforcement of the fiscal rules and the introduction of a new surveillance framework for macroeconomic imbalances are necessary elements in strengthening overall economic governance in the euro area.