To some extent we actually have the counterfactual to the US, i.e. not bailing out the banks broadly in Europe. There recovery was slower, banks did do less fun

To some extent we actually have the counterfactual to the US, i.e. not bailing out the banks broadly in Europe. There recovery was slower, banks did do less funding of "real economies" in the aftermath, the bailouts did come with net costs overall and the banks are still not so competitive.