See C. Reinhart and V. Reinhart (2010), “After the Fall,” National Bureau of Economic Research Working Paper No. 16334. In a recent study conducted with its international partners, the Bank estimated that the costs of a financial crisis for an economy represent about 63 per cent of GDP.
Making failure an option  Ladies and gentlemen, the journalist and professor for banking Wolfram Engels once wrote: “Bankruptcy is a part of the market economy.” This self-evident truth has, to date, been inadequately implemented in the banking sector, however. Large and very interconnected banks especially were, to date, able to count on their survival being systemically relevant and thus guaranteed.