Bank of SpainDuring the boom years, the Bank of Spain’s practice of demanding compliance with fairly strict financial regulations led many experts to criticise its approach. Such supervision was decadent and old-fashioned, they said.

Of course, times have changed. As the world’s banking system unravels, regulating financial activity is now seen as a good thing. As we await the return of far stricter supervision, the Spanish model is, all of a sudden, being cited as a model of prudence and restraint.