In a speech delivered late last month, Kerstin af Jochnick, a Member of the Supervisory Board of the European Central Bank (ECB), discussed this year's banking failures and echoed arguments that they were caused by risk management and governance deficiencies.
"This common feature of the banking failures which we saw in the United States and Switzerland this spring has also been at the core of several banking crises in the past," Jochnick said. "This is why I believe that, going forward, bankers and supervisors alike should continue to focus on both bank governance and risk management."
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