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The financial crisis of 2008 has seen the fall of several of the mighty US investment banks, the collapse of renowned commercial banks on both sides of the Atlantic and the exhaustion of banks' capital all over the world. With it, standard views of banks, financial markets, their risks and their regulation had to be suspended, at a time when bank bailouts became unavoidable. This raises key policy questions on the way taxpayers' resources should be used: What type of capital should governments inject? How should banks' shareholders and creditors be treated? Does capital injection distort competition? Should the standard rules preventing anti-competitive behaviour be applied? How to contain future risk-taking by banks?