Financial crises are meant to result in enhanced bank supervision. This has not been the case recently in Europe. My country, Spain, is no exception.
The Spanish supervisory system proved unsuccessful during the eurozone debt crisis, despite having many excellent inspectors. Pan-European supervision, which has now been placed in the hands of the European Central Bank’s (ECB) Single Supervisory Mechanism (SSM), could yet worsen the problem.
Bank supervision was seriously undermined at the end