Global financial crisis in 2009
The 2009 phase of the global financial crisis produced the first partial nationalisation of a German financial institution — Commerzbank — following its merger with Dresdner Bank and subsequent reliance on the SoFFin fund. The record shows that official explanations for state intervention shifted under pressure, and that market reaction preceded and shaped the aid. No broader systemic conclusions — about causes, contagion, or policy coherence — can be drawn from this material alone.