The Bank Recovery and Resolution Directive (BRRD) will require a high degree of consultation, coordination and synchronization within a prolonged period of financial sector stability to be properly implemented. In particular, we celebrate the ex ante risk-based elements of Single Resolution Fund...

The unprecedented global financial crisis and economic downturn that hit the world in 2007–2008 has resulted in the deterioration of budget deficits and has caused an overall increase of sovereign debt levels globally. The turmoil of the banking sector was mitigated by a large infusion of...

This paper analyses what has been the EU institutional reaction to the Euro-area sovereign debt problems, focusing in particular on the new architecture designed to avert a financial crisis. It analyses i) the European Financial Stabilisation Mechanism (EFSM), an EU financial assistance feature...