We consider that such anchoring has been a very important element in the way we went through the crisis; we avoided not only the materialisation of inflation risks in normal times but, in these exceptionally difficult times since the intensification of the crisis in 2008, also the materialisation of deflationary risks.
National resolution regimes are stretched to their limits when it comes to globally operating SIFIs. To borrow the well-known line from Mervyn King, the Governor of the Bank of England: “Global banking institutions are global in life but national in death”. In the past, if internationally active banks ran into trouble, national supervisors regularly ring-fenced their assets.