[…] The eleventh failure was the shortcomings of the Basel II Accord allowing increased leverage in larger banks.
The twelfth and final failure detected in the 2008–09 financial crisis is the moral hazard created by the prominence of banking systems that are “too big and too interconnected too fail” or “too big to be saved” because they can create a systemic crisis in national and global banking networks with very serious economic consequences for the entire world economy.