My critical remark in this regard is that the text of the regulation should state clearly that only the calibrations or quantitative limits can be tightened while definitions should remain intact, since this is the only way to ensure direct comparability or prudential ratios across the EU.
Crisis management: bank recovery and resolution Even if the European Commission’s estimate that banking collapses have led to over € trillion (or 37% EU GDP) of state aid going to distressed financial institutions between October 2008 and October 2011 adopts the most expansive possible definition (and is far greater than the likely ultimate fiscal cost of the crisis), it is clear that crisis management and resolution has entailed extremely high budgetary costs, and even higher overall economic costs – crippling in the case of some countries.