A more stable financial system benefits all of society, and even with additional bank regulations, does not hurt the real economy. In discussing ‘Evaluation of the effects of too-big-to-fail reforms,’ a report published today by the Financial Stability Board, Deutsche Bundesbank Vice-President, Claudia M. Buch, stated that the “TBTF [Too Big To Fail] reforms bring net benefits to society. But the private and the official sector look at costs and benefits from a different perspective. For example: lower too-big-to-fail subsidies imply higher funding costs for banks – but lower costs for the taxpayer.”