Seventeen of twenty-nine systemically important banks in 2011 were European, eight American.

Evidence

If you think the risk posed by hugely levered US banks that were too big to fail was terrifying, then consider the following: in November 2011 the Financial Stability Board, a coordinating body for national financial regulators, published a list of systemically important banks, in other words, the too big to fail list. Of the twenty-nine banks named, only eight were US banks; seventeen were European. The Europeans have managed to build a system that is too big to bail, which is the real reason why a bunch of putative lefties are squeezing the life out of their welfare states. — Mark Blyth, Austerity, 147

Categorization

• XREF: Crucial evidence connecting the US banking crisis to the Eurozone austerity turn, directly relevant to the Mattei reading goal.