Moreover, cross-border financing is growing so rapidly and market instruments are morphing so fast that designing ways of sharing the burden is like changing the tires on a moving car -- pretty exciting and not obviously doable. BIS Review 41/1998  -3-  The task cannot be set aside, however, for at least two reasons.
We also still have no coordination between potentially necessary state intervention and European competition policy. In the U.S. there had been the TARP program, which can be seen as an example of a successful structural program for the banking sector. It did not involve lengthy state-aid procedures and a great part of its success was that it was able to work fast.