Academic

Killing multinational institutions as painlessly as possible isn't easy to coordinate, but, as we know, Basel has suggested an approach to coordinating resolution across borders.  The IMF wants it too, both internationally, and in Euerope.

What is it that would happen?  The big convergence mechanism in Basel is that everyone ought to have the same powers - to build a bridge bank, to act quickly, to stay creditors, possibly absent financial contracts, and so on.  These powers are supposed to get the big powers up to snuff on resolution, and Dodd-Frank was passed in part to meet American obligations to Basel in this area.  There's still a lot of daylight between enumerated powers and an actively managed plan - that takes some more thinking (some American officials find "bail-ins" attractive, and, critically, a coordination process between the countries that would do the resolving, which would probably mean the college of supervisors we've had occasion to discuss earlier.