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The European banking union at three: A toddler with tantrums

Beck, Thorsten, (2017), “The European banking union at three: A toddler with tantrums”, Vox Eu, 3 July 2017

A little less than three years ago, the bank regulatory framework in the Eurozone seemed to have reached a decisive moment, with the completion of the Comprehensive Assessment and the establishment of the Single Supervisory Mechanism and Single Resolution Mechanism, and the implementation of the Bank Recovery and Resolution Directive (BRRD). Taxpayer-funded bailouts were supposed to be replaced with bail-in of equity and bondholders, bank supervision strengthened, and the deadly embrace between governments and banks – at the core the Eurozone crisis – loosened, if not cut.

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