The group chief executive of UniCredit has said that issues at certain lenders in recent months that led to wider concerns about the health of the banking system were isolated incidents.
But Andrea Orcel said shocks like this make you question whether you are missing anything and then review everything.
"I think that the conclusion is that these were isolated incidents," he told the audience at the Bloomberg New Economy Gateway Europe event in Wicklow today.
Mr Orcel said the problems at Silicon Valley Bank and Credit Suissie highlighted that regulation needs to applied consistently across not only banks of various sizes but also financial intermediaries.
He said they also showed that we do need to not stop at rules but also have to look at the principles that are backing those rules and whether institutions are managed the way they need to be.
However, those rules have worked in Europe, he claimed.
Banks are built on trust and confidence, Mr Orcel said. The key question he asked himself was were the broader markets not understanding what exactly triggered the situation, he said.
"The market reaction was exactly in that direction," he said.
But he said when you look at what triggered that, including concerns about liquidity and interest rates, it did not apply in Europe.
"We were convinced that we were in a solid position quite quickly, what we were worried about is the contagion by the lack of trust and confidence," he stated.
Mr Orcel said the rules that have underpinned economies and politics for 50 years are changing substantially.
As a result, he said, we are going to have "uncertainty, uncertainty, uncertainty and shock, shock, shock".
He added that we are back to the central scenario but we need to anticipate that we are going to be deviated from that again by one issue or another and as long as we are prepared for that we are going to be ok.
The bank boss said it was necessary for governments to intervene as they did, but it is a reminder that banks that fulfil a role have risks and you cannot eliminate those risks altogether.
"If you eliminate the risk for a bank, banks cannot fulfil the role that they should be fulfilling and you are transferring those risks somewhere else," he told the Powerscourt audience.
