Examples of that included the originate-and-distribute lending model that went seriously off-track in some countries, and the role of rating agencies in advising on structured securities. It also included badly structured remuneration practices in the industry;    and there needed to be more scope for regulatory regimes to act against the build-up of financial excess.
Our measures have also reduced fragmentation among Member States: the 1/5  BIS central bankers' speeches  dispersion of both GDP growth and inflation rates is at the lowest level since the beginning of the monetary union.