“During the financial crisis governments provided taxpayer support for banks, steadying the global financial system and helping to avoid a repeat of the Depression. Those bank rescues exposed governments and taxpayers to losses. And in the long term they will have made banking riskier if managers and creditors conclude that bailout is part of the fabric of the system.

To avoid that fate, the “too big to fail” problem must be cured. We believe it can be and that serious progress is being made. Evidence can be seen in the joint paper released by our organisations on Monday, which outlines a resolution strategy for large and complex financial companies.

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