Fortis, the failed financial conglomerate jointly rescued on Sunday by the governments of Belgium, the Netherlands, and Luxembourg, has assets several times the size of the Belgian economy.  Each of the three governments took 49% of Fortis’s banking subs in their respective countries; the total price tag was just over $16 billion.  Gives one pause about the prospects of financial regulation at the national level.  At least we have a global lender of last resort, says Brad Setser.

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