To ensure stability of the financial system monetary policy has to be complemented by a better and more encompassing regulatory regime. 3. Evaluating success  It is still early for a definite evaluation of the policy measures the Eurosystem has taken over the course of the crisis. Yet even with more distance the assessment of policy will prove difficult.
In addition, we welcome the suggestion of the CEBS to provide own-initiative advice on areas in which regulatory convergence should be further enhanced with a view to broadening the scope for supervisory convergence.