The framing of ‘bail-in' as a key resolution tool within the body of the Bank Recovery and Resolution Directive (“BRRD”) has been hailed by many as the end of public bail-outs. For its effective functioning, policymakers and private counterparties have battled to renovate the liability...

The European experience suggests that the efforts made to achieve an efficient trade-off between monetary policy and prudential supervision ultimately failed. The severity of the global crisis have pushed central banks to explore innovative tools-within or beyond their statutory...