The crisis exposed very clearly the weakness of the economic pillar, in other words the “E” of Economic and Monetary Union, making it necessary to urgently think of ways to make it more robust and more balanced with “M”, the monetary pillar.
In the past, problems have arisen when banks have been too complacent in their judgments of risks during good times, too slow to react when the situation turns, and too risk-adverse once their losses have turned out larger than anticipated.