Most countries lack an effective framework for dealing with failing systemically important financial institutions (SIFIs). This report argues that any serious attempt to stabilize the global financial system must include carefully crafted policies for restructuring these ""too big to fail"" cross-border institutions. The report recommends approaches for resolving SIFIs in a way that will maintain national sovereignty, enhance international financial integration, and preserve financial stability. Copublished with the International Center for Monetary and Banking Studies (ICMB)