Furthermore, the past quarter of a century was prolific in terms of the lessons learned from the crises of diverse origin and the consequences for the monetary and financial regime. We know that the channels through which excessive volatility affects economic performance are different.
Perhaps this task is especially urgent for the euro area, because uncertainty regarding the health of banks aggravates the negative effects of economic imbalances and divergence in the area. BIS central bankers’ speeches  3  This should be the task primarily of the shareholders of the weaker banks, who should refrain from taking dividends or should inject more capital if needed.