The European Union’s financial supervisory architecture is based on a sectoral model with separate authorities for banking, insurance and securities and markets. New developments in the EU financial sector make this sectoral structure increasingly out of date: •Brexit creates a need for...

The International Monetary Fund (IMF) played a ground-breaking role in understanding the financial-sector dynamics of the euro-area crisis. It was the first public authority, and one of the first more generally, to acknowledge the role of the bank-sovereign vicious circle as the central driver...

China's recent emergence as a leading global economic and financial powerhouse has implications for all aspects of global governance. While a growing body of literature has analysed the consequences for international trade arrangements, the International Monetary Fund (IMF) and Multilateral...

The banking crisis in the euro area, which started in mid-2007 and has yet to be fully resolved, has sparked considerable debate and reform, most notably the initiation of banking union starting in mid-2012. But one issue that has been largely overlooked in the debate is the peculiar ownership...

The combination of banking union and Brexit justifies a reform of the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) in the near term, in line with the subsidiarity principle. The other EU-level financial authorities, namely the European Insurance and...

The Bank Recovery and Resolution Directive (BRRD) of 2014, together with the initiation of banking union in the euro area, represent a regime change in EU banking sector policy. The BRRD replaces the prior assumption of public reimbursement of a failing bank’s claimants (or bail-out) with one...

The depiction of the euro area/European Union (EU) as a "fourfold union" (financial union, fiscal union, economic union, political union) emerged in the first half of 2012 at the height of the euro-area crisis. It was primarily shaped by the recognition of the bank-sovereign vicious circle and...

In the aftermath of the financial crisis, the question of how to handle a big bank’s collapse has arisen. Large banks perform functions that if disrupted could seriously damage the financial sector and the real economy. The European Union’s new resolution regime introduced by the Bank...

In the transition to a sustainable economy, companies are increasingly adopting the goal of long-term value creation, which integrates financial, social and environmental value. Investors have an important stewardship role to steer companies to sustainable business practices that will achieve...

Companies are under pressure to change their business models and become more sustainable. Corporate governance codes across Europe have introduced the term 'long-term value creation' to capture companies' social responsibility. However, the concept of long-term value creation lacks tools that...