Public funding of failing banks in the European Union (LBF vol. 19) 2020/1:Chapter 1 Introduction

Public funding of failing banks in the European Union (LBF vol. 19) 2020/1

Chapter 1 Introduction

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“The debate regarding the justification of the bailouts is unlikely to ever be settled because it is almost impossible to assess the systemic consequences that disorderly failures would have had on the financial system and the broad economy. What is clear, however, is that citizens around the world do not want to be presented with a ‘too big to fail’ dilemma again. The job of regulators is therefore to make the system safer, and to create a process whereby systemically important financial institutions (SIFIs) can fail in an orderly manner. To preserve public finance ex post and market discipline ex ante, the guiding principle of the post-crisis financial regulations is that no private financial institution should be viewed by markets as being too important to be allowed to fail.”

Philippon and Salord 2017, p. 3.

1.1 The GFC and its revelations1.2 Changes in the institutional and regulatory framework for the banking sector1.3 Research question1.4 More changes ahead1.5 Structure of the dissertation

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