. Bank recovery and resolution and harmonization are essential. The focus of this Financial Sector Stability assessment is on …

The crisis in Europe has underscored the vulnerability of European bank funding models compared to international peers …. This paper studies the drivers behind this fragility and examines the future of bank funding, primarily wholesale, in … Europe. We argue that cyclical and structural factors have altered the structure, cost, and composition of funding for …

sources of variation are used to create instruments for the deleveraging shock. We find that the contraction in European bank … more robust policy response and healthier local bank balance sheets at the outset of the crisis. …

sectors. The restructuring includes the strengthening of bank resolution tools, the activation of nonperforming loans, the …