"This paper models and estimates ex ante safety-net benefits at a sample of large banks in US and Europe during 2003-2008. Our results suggest that difficult-to-fail and unwind (DFU) banks enjoyed substantially higher ex ante benefits than other institutions. Safety-net benefits prove...

1. Introduction -- 2. The research design -- 3. The making of the single market in financial services -- 4. Governing banking in the EU -- 5. Governing securities markets in the EU -- 6. Governing post-trading in the EU -- 7. An overall cross-sectoral assessment -- 8. The EU response to the...