Maybe Spain's Banking System Isn't a Model

The NYT has a good piece on how two of Spain's top banking regulators went on to top positions at the IMF. They were hailed for their success in designing a regulatory structure in Spain that was widely praised for having designed a system that survived the 2008 financial crisis.

As it turns out, the Spanish regulatory system was not especially successful. The country had an enormous housing bubble and it was inevitable that when it burst, the banking system would face the sort of problems i...