We investigate the strength of set existence axioms needed for separable Banach space theory. We show that a very strong axiom, Π1 comprehension, is needed to prove such basic facts as the existence of the weak-∗ closure of any norm-closed subspace of `1 = c0. This is in contrast to earlier work [6, 4, 7, 23, 22] in which theorems of separable Banach space theory were proved in very weak subsys...