In a new CEPS Policy Brief, CEPS Chairman H. Onno Ruding argues that financial reform is urgently needed in the EU not only to reduce the likelihood of another financial crisis in the coming years but also to reinforce the internal market. In his view, a primary financial as well as political...

"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...