Obviously, new regulations such as these require appropriate transition periods so as not to further exacerbate the funding problems that some countries are experiencing. However, they are essential in ensuring that governments bear more responsibility for their own decisions in future and should therefore be adopted as quickly as possible.
In the long term, it must be possible to declare both governments and large banks insolvent without endangering the financial system or without taxpayers having to foot the bill. Providing the right incentives is therefore not only important for fiscal and economic policy decision-making processes; it is also the key challenge for financial market reform.