120, issue 2 (April),  BIS central bankers’ speeches  3  absence of further work on calibrating costs and benefits, there is no presumption that the optimal tax should be large, only that it may be non-zero, and that it may make sense for it to differ across asset classes. Can existing regulatory tools be used to tax SFTs efficiently?
A number of large American and European banks that accepted public-sector capital injections during the crisis have moved to repay them. The challenges that remain ahead for the banking system in major countries nonetheless remain considerable. The outlook for some of the remaining government ownership stakes remains unclear.