, more industry peer firms and more flexible labour market regulations. Overall, these findings support the view that …

In reaction to disruptions of the Single Market, the European Commission put forward an emergency instrument. It … proposes far-reaching measures in order to maintain the proper functioning of the Single Market and ensure the supply and … distribution of goods and services. The dirigiste interventions in the market it enables warrant critical review, while better …

should combine elements of market discipline with stabilisation in case of asymmetric shocks. Our proposal addresses the …

reliance of European investors on banks and build up a market-based risk-sharing channel between member states. Our empirical … provide evidence that (i) financial flows are generally pro-cyclical; (ii) market-based risk-sharing mechanisms tend to break … systemic financial crisis. During the Great Recession, failing market risk-sharing was replaced by the ECB through the cross …

reforms of the Single Market would enhance living standards on both sides of the Channel. …