Except for Credit Suisse’s demise, Europe has so far largely patted itself on the back for preventing further contagion in the banking sector following the failures of Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank in the United States.

While European banking stocks have wobbled in the aftermath of the crisis—with Germany’s Deutsche Bank taking the brunt last weekend—there has mostly been praise for the strength of Europe and the United Kingdom’s financial services regulatory frameworks, as well as for the rapid, concerted, and decisive action taken to contain any further disaster.

“This was perhaps an unexpected ‘stress test’ for the market but one which may potentially serve to benefit the sector’s confidence,” said Daniel Seely, crypto expert and financial regulatory associate at law firm Freeths. Seely also praised the U.K. government’s flexibility—alongside the Bank of England and Financial Conduct Authority—to allow HSBC to quickly acquire SVB’s U.K. arm, thereby preventing a taxpayer-funded bailout.