Over the past 40 years, there have been more than 120 banking crises around the world. Different governments have responded in different ways. The gross and net costs as a percentage of GDP range wildly, anywhere from less than 1 percent to well beyond 30 percent.

Presentation by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for the European Economics and Financial Centre Distinguished Speakers Seminar, London, England, November 10, 2009