the ability to address today’s most pressing policy challenges, such as international macroeconomic cooperation, global imbalances, financial regulatory reform or protectionism has partly evaporated from the Nation-State to the global level. But politics, i.e. legitimacy in taking decisions, remains largely local and national, as it was before.
Don’t get me wrong: good work needs to be rewarded with good money. Yet to be good, work has to be sustainable and responsible. 6. Conclusion  Let me sum up: First, ending too big to fail is not everything. But without ending too big to fail, all comes to nothing. Rather than intervening in financial institutions’ business structures, I prefer credible resolution systems.