Mr. Marco Buti:

No, I think what we ... I recalled when I had my first testimony here that we were under the curse of the great moderation at the time because, I mean ... and what we did, we had a very ... a pretty narrow view. We thought that the financial system ... I think this was not only the Commission was ... I think the main international organisations, we had the view that the financial system did not per se... per se... we create, create problems. So we know that that was not the case. Now clearly we are in a different situation. I think it is not so much for the Commission per seto monitor this but we have with banking union the SSM so the responsibility for financial supervision at the European level and I am pretty sure that in ... one of the advantages of the current system with the single supervisory mechanism is to break the sometimes cosy ... excessively cosy relations within the national setting making sure that problems of that sort will not accumulate in the future. I'm pretty sure the SSM will ring the bell should something of this ... let's say a portfolio imbalance of this sort emerge again.