(Bloomberg) -- Bundesbank President Joachim Nagel praised regulatory and stability progress since the 2008 financial crisis, saying policymakers are ready in case turmoil flares up.

“Central banks are not famous for speculating, but in the last two weeks we’ve been confronted with two idiosyncratic events,” Nagel said Friday in Edinburgh. “What I’ve seen is that these events are being solved by the responsible authorities.”

The collapse of Silicon Valley Bank and the emergency rescue of Credit Suisse last weekend has rattled investors and raised questions about the broader stability of the financial industry at a time of soaring interest rates and high inflation. 

“We have achieved a lot in the last 10 years, especially in the European Union and in terms of bank capitalization,” said the German central bank chief, who also is a member of the European Central Bank Governing Council. “The capital adequacy situation is different now.”

“So we are prepared if something is coming, but we think the situation now is different to 2008,” he said.

Nagel spoke just as shares in Deutsche Bank AG were at the center of another selloff in financial companies heading into the weekend. He declined to comment on any individual bank.

Speaking more broadly on markets, he acknowledged the general sense of unease. 

“When something like this happens, financial markets are very uncertain and in the weeks afterwards it can be a bumpy road,” he said. “So I’m not surprised that the markets are a little more volatile now than they were two weeks ago.”

(Updates with comments on volatility in final paragraph)

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