When a banking system becomes insolvent, however, there is no substitute for stripping away the bad assets in order to allow banks to once again perform their special role in society. Who bears the costs and how to ensure market discipline may be the most important issues to be addressed in that solution.
Unfortunately, given changes in technology and global economic forces, I am sure that we will not stop discussing the issue of banking crises. I appreciate the chance to share these thoughts with you this evening. BIS Review 33/1998  ˝