The financial crisis exposed Europe's inadequacy in developing an effective banking resolution framework that could bring together national authorities and set guidelines for their coordination. The European Commission, through its assessment of state aid cases, managed to avoid single market...

The European Union was institutionally ill-prepared to manage the 2007-2008 financial crisis, with an inadequate architecture for resolving problems within the European single financial market. Throughout the period 2007-2009 the situation in the EU has been characterised by a lingering lack of...