In recent years, the banking system and its investors wanted too much, too quickly. Too much risk was taken with other people’s money, with dramatic systemic consequences. More than €3,000bn ($3,940bn, £2,690bn) of other people’s money – that of taxpayers – has now been used to pull banks out of the hole they dug for themselves.

I have met almost every European big bank chief executive since the financial crisis began. Most were in denial, considering that “their” bank had no problem – only others did. They cannot all be right.