A Bank of Spain report argues that before the financial crises, the institution implemented some of the toughest banking supervision measures in Europe. 

But the report says the enforced counter-cyclical provisions were still set too low to enable all Spanish banks to cope with the losses that appeared from 2008 on. Financial supervisors in all countries lacked macro-prudential measures and early warning systems to deal with financial crises, the report says. It also argues that Spanish