Five years after the first tremors in Europe's banking system, what makes the crisis unique is the absence of a democratically accountable decision-making framework; there is an 'executive deficit' that compounds Europe's democratic deficit. The author argues that the only way to resolve the...

Europe’s banking system has been in a state of systemic fragility since 2007-08. The current phase is marked by a sequence of interactions between sovereign problems and banking problems, resulting in gradual contagion to more countriesand more asset classes. The banking and sovereign crises...

Following the orderly British exit from the European single market in late 2020, the full impact of Brexit on the financial sector has been delayed by risk aversion in the public and private sector alike, in part related to the Covid-19 pandemic. It will take longer than many had anticipated for...

This paper presents a holistic description and assessment of the European Union’s financial services policy since the start of financial crisis in mid- 2007. The decade-long sequence is divided into four themes, in broadly chronological order: the initial reaction to the 2007-08 financial...