Evaluating real convergence or divergence in the EU is challenging because it is diffi cult to fi nd an appropriate counterfactual or comparison benchmark, or to formulate one. Should we compare the status quo with convergence that would have been obtained had the European Union (EU) never...

With banking sectors worldwide still suffering from the effects of the financial crisis, public discussion of plans to place toxic assets in one or more bad banks has gained steam in recent weeks. The following paper presents a plan how governments can effi ciently relieve ailing banks from...