Five lessons for dealing with EU bank failures

In the autumn of 2008, I took part in the rescue of a medium-sized German bank, Hypo Real Estate.

The experience, two weekends that will stay with me for a very long time indeed, was among the most frustrating episodes of my life. But it was also valuable. Why? The difficulties I and others faced highlighted five key lessons about the deficiencies of Germany's and, more broadly, the European Union's (EU) crisis resolution framework. Difficulties that I hope can be resolved by the time Europe fac