The argument for additional regulation has centred on the risk exposures and speculative activities as banks broadened their horizon to include noncore banking activities such as insurance and capital market activities financed with depositors’ funds.
58–90; and Hirtle, B., Kovner, A. and Plosser, M. (2019), “The Impact of Supervision on Bank Performance”, Staff Reports, No 768, Federal Reserve Bank of New York. 4 See also Enria, A. (2018), “What have we learnt from EU-wide stress tests”, speech delivered at the Banca  Naţională a României, 15 November.