The public as residual claimant and banking supervision 6.3 Corporate governance and the trade-off between stability and competition 6.3.1 Corporate governance and stability 6.3.2 Corporate governance and product market competition 6.3.3 Ownership arrangements and the market for corporate control 6.4 Policy implications 7 The Euro repo markets 7.1 Euro repo markets 7.2 Competition in Euro repo markets 7.2.1 A greater diversity of participants 7.2.2 A greater willingness to use repos 7.3 Instability in Euro repo markets 7.4 The trade-off between competition and stability 7.4.1 Competition increases trading volume 7.4.2 Competition increases the number of counterparties 7.4.3 Competition broadens the diversity of counterparties 7.4.4 Competition increases the range of securities posted as collateral 7.5 The impact of internationalisation on the trade-off