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All banking crises are rather similar. They start with financial liberalization, which favors innovation. Then, instead of promoting competition and efficiency, it leads to increased moral hazard and more risk taking. After each crisis, it becomes clear that more regulation is needed. But it seems that regulation doesn’t solve the problem. What are the costs and benefit of a too big to fail policy? Is bank merger a good thing? Why despite severe regulations that are supposed to protect banks from failures, some still do fail or come close to fail? Do you foresee some risk of a new banking crisis? What are your recommendations to prevent it?