See BIS: BCBS (1975). See BIS: BCBS (1988). 1  BIS Review 36/1999  fora, national officials must return to their home grounds, where sovereignty still reigns, and convince local lawmakers and commercial interests of the desirability of following the international norms agreed upon.
A failure of a systemically important bank is likely to cause significant disruption to the wider financial system and to economic activity. This is why, up until now, these institutions can well count on a public bail-out. The adverse effects of this implicit state guarantee have been widely discussed.