The European Crisis Management Laboratory (ECML) does research and development in support of EU crisis preparedness and response policy. It fosters the use of science in situational awareness, adding value to the routine context analysis and operational activities of the EU's Emergency Response...

This study presents an empirical analysis of the resilience of European countries to the financial and economic crisis that started in 2007.The analysis addresses the following questions: Which countries showed a resilient behaviour during and after the crisis? Is resilience related only to the...

This paper shows how securitization changes the linkages and the systemic risks in the regulated and unregulated "shadow" banking system. The theoretical framework includes an analysis of the transfer of idiosyncratic, systematic and systemic risks and the use of the proceeds from the transfer....

This paper aims at investigating some of the critical issues highlighted by the sovereign debt crisis in European Union (EU) Member States (MS). The goal is twofold: 1) Quantify the increase in the risks of the EU banking systems due to haircuts of sovereign debts of some EU Member States, which...

This paper aims at investigating some of the critical issues highlighted by the sovereign debt crisis in European Union (EU) Member States (MS). The goal is twofold: 1) Quantify the increase in the risks of the EU banking systems due to haircuts of sovereign debts of some EU Member States, which...

The last financial crisis has shown that large banking crises pose a highly dangerous risk to both the real economy and public finances. Reducing that risk has become a priority for regulators and governments, but the debate on how to deal with it remains open. Contagion plays a key role: domino...

The recent financial crisis has highlighted the risks posed by individual banks to the entire banking system. Next to the issue of determining individual contributions to systemic risk, the question of additional taxes on the financial sector has been debated. This paper uses SYMBOL, a...

The main lesson learned from the recent financial crisis is the crucial role of interconnectedness between banks as a factor that can push the effects of bank defaults to extreme levels. One bank in distress can compromise the ability to repay obligations of its creditor banks, thereby inducing...