But if the maxim is “too big to fail”, then the state and the taxpayers are vulnerable to blackmail. 1  Compare Kern, Steffen: Global financial centres after the crisis, DB Research, August 2010. BIS central bankers’ speeches  3  The financial crisis has exacerbated the problem in so far as some of the surviving banks have become even bigger or more interconnected.
The twopillar approach to assessing the outlook for prices is appropriate in times of structural change, as it is not only credible, but also highly flexible. Financial markets therefore have a reliable partner in the Eurosystem – one that is well equipped to meet current and future challenges. 4  BIS Review 54/2001