The key lesson we have learnt is that economic dislocations without proper arrangements to tackle troubled banks have devastating effects on the real economy, taxpayers and the whole society. And coming back to “normal” proves to be painfully slow and long-lasting.
Financial market flaws All in all, the mismatch between the scope of international bank operations and the national supervisory framework made the situation extremely challenging. What to do? In principle, we can envisage three solutions. First of all, we could re-nationalize the financial markets. In such a solution, the single market would be lost.