In fact, such correction would shift the start of the slowdown in productivity to the mid-1990s. 6  As the share of the population that is of working age declines, the rise in the capital stock needed to equip the labour force decreases.
This can be done by respecting the hierarchy of creditors in the event of insolvency, i.e. the order in which creditors will suffer losses in a bail-in. In order to enhance legal certainty and predictability, a clear pecking order has to be established regarding the financing of resolution measures.