More than ever, the current crisis has highlighted the cost of banking crises in budgetary and economic growth terms. Whether or not to restructure a bank is a key determinant of who bears the costs. The present article surveys the main issues concerning banks' restructuring, by considering the...

This paper provides an overview of the issue. It considers the existing structure of financial regulation, the deficiencies that were encountered during the financial crisis, and the proposed reforms. It discusses whether these are likely to be adequate and argues that there are fundamental...

This paper reviews the objectives that lie behind the Financial Services Action Plan (FSAP) to integrate European financial markets and the degree to which these have been achieved to date. It records that there has been substantial progress in many areas, but less elsewhere. It concludes that...

This paper examines the monetary policy followed during the current financial crisis from the perspective of the theory of the lender of last resort. It is argued that standard monetary policy measures would have failed because the channels through which monetary policy is implemented depend...