To me, three issues are of special relevance in this regard: the question of bail-in vs. bail-out, the regulatory treatment of sovereign debt, and the tax preference of debt over equity. 2. Bail-in vs. bail-out  Let me start with a question that has been debated heatedly since the crisis broke out: the issue of bail-in vs. bail-out.
The financial sector is unique in that a malfunctioning of this sector impairs the functioning of all other sectors of the economy. And the crisis has served as a stark reminder that a malfunctioning cannot be ruled out. Some form of protection is therefore called for – otherwise, innocent bystanders in the real economy will inevitably get hurt.