It was a big promise that the governments made after the global financial crisis of 2007 to 2009: never again should the states use taxpayers’ money to bail out banks, never again should the central banks finance the high-risk business of the credit institutions with liquidity aid retrospectively. For this reason, a comprehensive set of rules was created, including on equity and liquidity buffers, which is accompanied by regular stress tests. Banks should become safer; the eurozone has even created its own authority to wind down banks in an emergency.

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