As the late Allan Meltzer once quipped: "Capitalism without failure is like religion without sin. It doesn't work." This holds for banks and for companies in general. In the euro area, progress has been made in terms of requiring banks to hold higher capital buffers as well as establishing the Single Resolution Mechanism.
*  *  *  Chairman Dodd, Senator Shelby, and members of the Committee, I thank you for the opportunity to appear before you today.