Only when governments and regulators can allow the institutions that deserve to fail to do so without causing a catastrophe such as that following the collapse of Lehman Brothers will they have regained true independence from the financial services industry.
Another area that deserves attention is the treatment of intra-regional linkages and cross-country spillovers. Moreover, and on a more general note, I consider it important for the Fund to take full account of the specific features of the monetary unions that are subject to surveillance.