The introduction of a common currency as well as the harmonization of rules and regulationsin Europe has significantly reduced distance in all its guises. With shrunken costs ofovercoming space, this emphasizes centripetal forces and it should foster consolidation offinancial activity. In a...

Since the second half of the 1990s, three major financial crises occurred, each with a significant involvement of rating agencies (RAs). Their rather poor performance palpably shows that they did not live up to their promises. RAs have proven to be fallible and overburdened. Given the task to...