5  See for example the European Commission communication on “European financial supervision” (27 May 2009). 6  See for example Gorton (1988), “Banking panics and business cycles”, Oxford Economic Papers, 40, pp. 751781, and Demirgüç-Kunt and Detragiache (1998), “The determinants of banking crises in developing and developed countries”, IMF Staff Papers, 45, pp. 81-109.
7  See for example the ECB’s June 2009 Financial Stability Review for a discussion of the adverse feedback effects from the ongoing global downturn to financial stability risks. 8  See for example Borio, Furfine and Lowe (2001), “Procyclicality of the financial system and financial stability: Issues and policy options”, BIS Papers, 1, pp.